Adelaide, Mar 30, 2006 AEST (ABN Newswire) - The Northern Territory's potential to host a new uranium deposit will be enhanced from mid year with a decision by Korab Resources Limited (ASX: KOR) to drill its Batchelor uranium project south of Darwin.
Korab Executive Chairman, Mr Andre Karpinski, announced to the 2006 Uranium Conference in Adelaide today that first drilling would take place by mid year.
"We will undertake our first drilling this year on targets identified in 2005 by our exploration activity around Batchelor, 70 kilometres south of Darwin" Mr Karpinski said.
"The targets are hosted within historically prospective uranium acreage in close proximity to the former Rum Jungle uranium mine," he said.
"The program is mainly RC and aircore drilling."
Korab's Batchelor and adjoining Green Alligator project areas - both to the immediate east of Rum Jungle at Batchelor - cover nearly 190 square kilometres.
The Batchelor project comprises prospective Lower Proterozoic sediments which have locally hosted economic deposits of uranium, copper, zinc, lead and gold.
"The project is considered very prospective for uranium mineralisation and covers the same stratigraphic contacts that host the Rum Jungle uranium deposits," Mr Karpinski said.
The Green Alligator project features Wildman Siltstone units of the Mt Partidge Group in the Lower Proterozoic Pine Creek geosyncline and the Koolpin Formation within the South Alligator Group - both highly prospective for uranium and gold mineralisation.
About Korab Resources Limited
Korab Resources Ltd (ASX:KOR) is an international mining and exploration company with operations in Australia and Europe. Korab's projects include Winchester magnesium carbonate deposit and Geolsec phosphate rock deposit at Batchelor in the Northern Territory of Australia as well as a gold and silver deposit at Bobrikovo in eastern Ukraine. The Company also explores for gold and copper at Ashburton Downs in Western Australia and for various metals and specialty minerals at Batchelor in the Northern Territory. Korab's shares are traded on Australian Securities Exchange (ASX) and on the Berlin Stock Exchange (Berliner Börse) through Equiduct electronic trading platform. More information about Korab's projects can be sourced from Korab's website at www.korab.com.au.
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