In good news for NuPower Resources shareholders, (ASX: NUP) the company has encountered high grade phosphate from the re-assay of Reverse Circulation (RC) drilling in 2006 by Arafura Resources at Lucy Creek in the Northern Territory.
One hole produced near surface direct shipping phosphate intercept grading >30% P205.
The re-assay of all 45 Arafura drill holes returned the following results:
· LCRC003: 10m @ 15.7% P2O5 from 25m.
· LCRC004: 10m @ 21.7% P2O5 from 30m, including 5m @ 26.0% P2O5 from 30m
· LCRC016: 5m @ 17.6% P2O5 from 35m.
· LCRC023: 16m @ 15.7% P2O5 from 15m.
· LCRC026: 5m @ 17.2% P2O5 from 15m.
· LCRC027: 5m @ 10.7% P2O5 from 15m.
· LCRC028: 10m @ 16.3% P2O5 from 35m, including 5m @ 22.4% P2O5 from 35m
· LCRC029: 20m @ 18.2% P2O5 from 10m, including 5m @ 24.0% P2O5 from 10m and 5m @ 21.9% P2O5 from 20m
· LCRC039: 5m @ 21.3% P2O5 from 5m.
· LCR040: 10m @ 21.7% P2O5 from 5m, including 5m @ 30.6% P2O5 from 5m
Mining Management Plans and Risk Management plans for Lucy Creek will be lodged with the NT regulatory agencies this week. Subject to regulatory approvals, NuPower will commence drilling at its Lucy Creek exploration licence in August.
NuPower aims to identify a JORC compliant resource at Lucy Creek by the end of 2009. Currently, Lucy Creek currently has a conceptual target of up to 43m tonnes at @21% P205 (15% P2O5 cut off).
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