Investors are liking the direction that Rum Jungle Uranium (ASX: RUM) appears to be heading given recent upgrades in share price.
Rum Jungle has assembled an interesting portfolio of exploration licenses at project areas including Alice Springs, Tennant Creek, Rum Jungle, Mount Bundey and Woolner.
The company has JV exploration agreements with Uranium West (Rum Jungle and Tennant Creek), GBS Gold (Mount Bundey), Deep Yellow (Alice Springs) and Territory Resources (Mount Bundey).
During June, Rum Jungle drilled thirteen RC drill holes for 1786 meters at the Anniversary Breccia prospect on EL10382 where RUM has 100% uranium rights in a joint venture with GBS Gold.
Interestingly, previous drilling at the Anniversary Breccia prospect on EL10382in 2008 had intersected low grade oxide uranium and copper with a best interval of 7m at 207 ppm U308 and 2000 ppm Cu from 43m along with a lower copper only zone of 30m @ 0.47% Cu from 77m in hole MBRC005.
Thus, pointing to the existence of polymetallic mineralization in this previously unexplored area.
Assay results for the recent drill programme completed on June 19 should be received within two weeks.
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