ALGEBUCKINA

High resolution airborne electromagnetic surveying was recently completed over the project which has helped map basement topography, structure and possible trap sites for uranium mineralisation. Step out drilling around the zones of anomalous uranium mineralisation is confirmed to start in two weeks. Earlier in the year Red Metal announced results from a 29 hole regional drill programme which for the first time in this terrain, has identified anomalous levels of uranium and vanadium mineralisation in the targeted sedimentary units and the underlying weathered granite rocks.

At Peake prospect a 4m interval of anomalous gamma measuring 4 to 10 times background was intersected in weathered clay rich saprolite underlying the Mesozoic sedimentary sequence in hole AG0714. Assaying of mud chip samples collected every 2 metres from the high gamma interval returned anomalous values of uranium and vanadium with associated trace elements of copper and nickel. Best assay within the anomalous 4 metre interval included 2 metres at 213ppm uranium, 329ppm vanadium from 34 metres.

Drilling commenced on the conceptual uranium targets interpreted on the project. Wide spaced historic drill data has been utilised to interpret and map a possible oxidation boundary within a thick, pyritic sandstone unit which flanks the highly radiogenic Peake and Denison Inliers.