Sydney, Nov 15, 2005 AEST (ABN Newswire) - Alliance Resources Limited ("Alliance") (ASX: AGS) are pleased to announce an update to the exploration work being undertaken by joint venture partner Quasar Resources Pty Ltd ("Quasar") at the Beverley 4 Mile Uranium Prospect at Arkaroola in South Australia (S.A.)
The results, which are the highest grade yet intersected from this prospect, are as
follows:
- 13.5 m grading 0.44 % equivalent U3O8 .(western zone) including:
- 5.0 m grading 0.801% equivalent U3O8; and
- 4.5 m grading 0.405% equivalent U3O8
- 5.0 metres grading 0.152% equivalent U3O8 (eastern zone)
Quasar is an affiliate of Heathgate Resources Pty Ltd, which owns and operates the Beverley Uranium Mine. The Arkaroola Project is located immediately west of the Beverley Uranium Mine. Rotary mud drilling recommenced on 15 October 2005 using a different contractor. Fourteen drillholes were completed during the period, culminating with drillhole AK51 on 12 November 2005. All holes were logged using down hole geophysical probes including a gamma ray log used to calculate equivalent grades U3O8. All holes were drilled vertically to intersect a gravelly carbonaceous unit at the base of the Tertiary sedimentary sequence which unconformably overlies weathered basement, believed to be Proterozoic Wooltana Volcanics.
Drilling during this period concentrated on defining the northern and eastern margins of mineralisation, which occur to the east and north west of 4 Mile Creek, a major creek running through the prospect. With the exception of AK038, drilling has focussed on the area to the west of 4 Mile Creek, adjacent to the Flinders Ranges and depths to crystalline basement in this region are reported as shallow. No mineralisation was encountered. While confirming the generally shallow depth to basement (60 m to 70 m), close to the ranges, drilling has nonetheless defined the margins of a fault-bounded, sub-surface topographic depression in which carbonaceous clays, silts and sands of the Eyre Formation are present.
Drill hole AK051 was logged initially using a geophysical logging unit supplied by a geophysical logging contractor and later by a Heathgate Resources logging truck in order to confirm the high-grade intercept. Both logging tools were calibrated to ensure their accuracy and returned almost identical results.
Contact
Steve Johnston
General Manager
Tel +61 3 9697 9090
Kevin Kartun
RADAR Investor Relations
Tel +61 2 8256 3310
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