U3O8 Limited report on some initial results of a sampling programme completed recently over the Canyon Creek Project (E52/1893) in the Ashburton region of Western Australia part of the U3O8 Limited – Cameco Australia Ashburton Joint Venture. The sampling and mapping programme saw the collection of 67 rock chip samples and 278 soil samples, focussing on some high order radiometric anomalies, some of which are spatially related with prominent basement electromagnetic conductors. The first two samples collected from the Bresnahan Sandstone have returned grades of 1.39% and 0.20% U3O8. Both samples showed strong anomalism in lead (0.3 and 0.1% respectively), as well as gold (0.45g/t and 0.04g/t) and arsenic (0.71% and 0.20%).
U3O8 Limited report the grant of a number of exploration tenements in some of the company’s priority areas. Five tenements have been granted in the Ashburton district of Western Australia. The tenements are part of the U3O8 Limited – Cameco Australia Ashburton Joint Venture, and are adjacent to several known areas of mineralisation. U3O8 Limited has also been notified of the grant of exploration licence 09/1213, part of the Mango Bore Joint Venture, and adjacent to the Company’s Wabli Creek tenement situated in the Gascoyne district of Western Australia. Drilling by U3O8 Limited on the Wabli Creek tenement has identified high grade uranium mineralisation in calcrete, with results including, 2.58 metres @ 877 ppm U3O8; 1.34 metres @ 697 ppm U3O8; and 3.04 metres @ 554 ppm U3O8. The Company has applied for four exploration tenements totaling approximately 390 km2 in the Kimberley Region of Western Australia.
U3O8 Limited has been awarded two of only 35 co-funded Drilling Grants (out of a total of 168 applications), for a total of
$197,500, for its Clever Mary (100% UTO) and Ashburton project (50-50 joint Venture with Cameco Australia). The co-funded government industry partnership was designed to support innovative drilling by companies in greenfields areas. Proposals from applicants were assessed on the basis of geoscientific and exploration target merit.
Advanced or Above