N147 Prospect - Aug 08 updated
Summary of previous work
N147 lies southeast of the former high grade Nabarlek Uranium Mine (historical production of 0.5M tonnes @ 1.84% U3O8 for 24.4M lb U3O8). It is situated along the interpreted extension of the “Nabarlek Shear” at its intersection with another fault zone.
At N147, the mineralisation is present beneath a surficial cover and within a volcanic unit which has intruded the older basement and the overlying sandstone. Mineralisation occurs as sooty pitchblende and secondary uranium minerals in fractures and veins sub-parallel to the sandstone contact. The mineralised pods are surrounded by a halo of alteration (chlorite and haematite).
Uranium Equities Limited holds a 40% interest in joint venture with Cameco Australia Pty Ltd (60%) in this area which covers more than 1,290km2 within the prospective
Best reported results from the 2007 drilling program were:
NARD6017: 22.1m @ 0.357% eU3O8 from 114.1m
NARD6016: 28.0m @ 0.125% eU3O8 from 60.2m
1.1m @ 0.161% eU3O8 from 98.4m
21.7m @ 0.306% eU3O8 from 107.7m
2.5m @ 0.170% eU3O8 from 101.6m
Figure 1: N147 Section through mineralisation - 2007 drilling
August 2008 Update
In June-July 2008 drilling continued at the N147 Prospect and has extended the prospect to the west through significant new intersections of additional high-grade uranium mineralisation.
17 RC drill holes totaling 3,500m were completed to 1st August 2008. Holes were drilled at declination of 60 degrees and orientated either south west or south east. Equivalent uranium grades (eU3O8) were calculated from wireline down hole gamma logging.
11 holes intersected uranium mineralisation. 3 of these holes intersected significant intercepts of mineralisation - GT > 3.0 m%eU3O8[1] (GT = grade*thickness).
36.2 m @ 0.172% eU3O8 from 108.25m (Hole 6318)
14.5 m @ 0.224% eU3O8 from 116.95m (Hole 6320)
23.45 m @ 0.138% eU3O8 from 117.1m (Hole 6324)
The highest GT mineralisation was intersected in Hole # 6318.
The significant uranium intersections e.g.>0.02 %U3O8 are summarised below in Table 1.
Table 1: N147 Prospect Significant Drill Intersections
The completed 2008 drilling to date at N147 demonstrates the mineralisation, as presently defined, is approximately 200m by 50m as shown in Figure 2. Based on current drilling, the mineralised body is interpreted to have an approximate NE-SW strike and to be lying within the NW trending Nabarlek structural corridor. This is in contrast to the earlier interpretation of a northerly trend to the mineralisation.
Figure 2: N147 Plan View showing Mineralization Outline projected to the Surface
Mineralisation is present in altered dolerite beneath alluvial cover but overlying basement rocks at depths 50 to 150m and in close proximity to a faulted sandstone contact. It dips approximately 45 degrees to the north-west and follows the orientation of the major east-north-east trending shear zone. It remains open along strike to the south-west, to the east and has not been fully defined down dip.
Drilling is continuing at N147 during the current field season to further define the grade and extent of the mineralisation.
In addition to the N147 drilling program, a wide spaced reconnaissance drill sampling program is also being undertaken to the north-east, east and south-east of N147. The drilling is designed to locate geochemical uranium anomalies within surficial cover and/or below alluvial and sandstone cover rocks. Results are being assessed and will be reported in the near future.
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