Uranex discovers new uranium mineralisation at Manyoni Project

Uranex (ASX: UNX) has announced the discovery of new uranium mineralisation during pitting at the previously untested Mbuga G in the northern part of the Manyoni Project in central Tanzania.

In addition, further uranium mineralisation has also been identified at Mbuga’s A, C West, D, and F, including recent assays returned from the 2009 drilling campaign.

Hole BRC339 intersected a best RC 1m result of 866ppm U3O8 from 43m at Mbuga A.

Managing Director John Cottle said “we’re very excited about these new uranium intersections as they continue to confirm our belief in the mineral potential of the Manyoni district, and add confidence to the ‘One plant- Multiple sources’ development strategy and ongoing Pre-Feasibility Study."

An initial shallow pitting programme comprising 237 3m deep pits was completed at Mbuga G during 2009.

Recent assay returns have now confirmed widespread carnotite mineralisation in the range of 100-450 ppm U3O8 intersected in the shallow pits, many of which terminated in mineralisation.

Geological modelling of the shallow pits at Mbuga G has identified an exploration target of between 6 to 10 million tonnes at between 150 to 200ppm U3O8, equating to between 2.0 to 4.4 million pounds of contained U3O8.

This exploration target assumes an average mineralised thickness of 2 metres and a bulk density of 1.6 t/bcm.

The company said it is important to note that this potential quantity and grade is conceptual in nature, that there has been insufficient exploration to yet define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

In 2009 a total of 39 RC drillholes were completed across Mbugas A, C West, E and F, for a total of 954 metres, with all assays having now been received for these programmes.

This result is particularly significant to the ongoing exploration of the Manyoni Playa Deposit system as it represents the first high grade (>500ppm U3O8) intersection at depth, and in close proximity to, the in-situ weathered basement environment at Manyoni.

Geological modelling of the 2009 drilling and pitting programmes at Playas A, C West, E, F and G is in progress. This modelling indicates the potential for extension of mineralisation beyond current resource boundaries at Playas A and E, and in areas without existing JORC Inferred Mineral Resources at Playas C West, F and G.

Assay returns for the entire 2009 drilling programme currently stand at 75%. All returns are still expected by the end of April, with Updated resource estimates on schedule for June 2010.

http://www.proactiveinvestors.com.au/companies/news/6292/uranex-discovers-new-uranium-mineralisation-at-manyoni-project-6292.html