Brisbane, Jan 31, 2008 AEST (ABN Newswire) - Bondi Mining Ltd (ASX: BOM) is pleased to provide an update on its activities during the December Quarter. Bondi is aggressively advancing its uranium projects and has also made considerable advances on its other exploration projects in joint venture with PlatSearch NL.
Buffalo Gold Uranium Acquisition
The company announced on 12 November 2007 final shareholder approval for the deal with Buffalo Gold Ltd (BUF.U TSX-V) to acquire 100% of its Australian uranium portfolio, which is made up of 20 granted tenements and 3 applications totalling 15,085km2 in three major uranium provinces in the Northern Territory and Queensland.
Murphy Project
(Bondi 100%)
The Murphy Project, Northern Territory, is the southern extension of the Alligator Rivers Uranium field and has identical geological ingredients to the district that hosts 750 million lbs of high grade uranium mineralisation further to the north.
The current exploration leases and EPA's were acquired by Buffalo Gold Ltd to explore for uranium mineralisation in the favourable Westmoreland conglomerate sediments and underlying reduced basement lithologies where they disappear under thin cover sequences to the west.
The project area contains twelve high priority uranium target zones based on identification of favourable host rocks, fault intersections and alteration interpreted from published geological maps, open file historical exploration data, landsat imagery, and geophysical data (including aeromagnetics, radiometrics, HOISTEM and gravity).
Exploration on the Murphy project during the December quarter included continued radon track etch sampling of several of the high priority uranium targets and the completion of the airborne magnetic and radiometric survey by Fugro Airborne Surveys Pty Ltd.
Fugro commenced the magnetic and radiometric survey in mid September. The survey, comprising 26,000 line kilometres, flown at a height of 60m with N - S lines spaced at 100m, has been very useful in defining the structure and stratigraphy of the underlying basement rocks. This will help in targeting likely sites for uranium mineralization in conjunction with the Radon Track Etch data.
The Radon track etch cups, to detect radon gas from a buried uranium deposit, were placed over targets UC16, 18, 19 and 22 in the southern part of the tenements and UC6, 7, and 8 in the northern part of the tenements for a total of approximately 915 cups, and results were received late in the December quarter. Results from additional infill and extension sampling are expected in the March 2008 quarter.
Track Etch surveys in the southern part of the Murphy project area have highlighted at least 9 discrete target zones where faults and favourable stratigraphy are associated with radon leakage which could potentially be related to a buried uranium orebody. One of the strongest of these lies at the northwest end of the UC19 target area, where a 2km-long track etch anomaly is coincident with a bend in a northwest trending structure and the trace of sandstones of the Westmoreland group.
Track Etch surveys in the northern part of the Murphy project area have highlighted at least 8 discrete target zones where faults and favourable stratigraphy are associated with radon leakage which could potentially be related to a buried uranium orebody. A number of these targets occur in zones where Westmoreland Group Sandstones are interpreted to overlie Peters Creek Volcanics, where the track etch anomalies are coincident with northwest and north-northwest trending faults.
A heritage survey to determine any 'sites of significance' within the Murphy project was conducted over the area by the Aboriginal Areas Protection Authority (AAPA). All proposed areas of activity were successfully cleared for future exploration activity. The company also submitted in November an MMP (Mine Management Plan) application for permits to clear tracks and drill, and expects to receive approval of this application in the first quarter of 2008.
The company intends to carry out 10,000 metres of drilling on the Murphy project in 2008, in addition to continued track etch sampling over other target areas within the tenement group. Drilling and field activity are currently scheduled to start in March, dependent on the progress of the wet season.
North Maureen Project
(Bondi 100%)
The North Maureen Project in Queensland is a large 3,300km2 package of tenements immediately to the north of the Maureen deposit of Mega Uranium Ltd which contains a historical resource of 6.5 million lbs U3O8 at a grade of 0.12% U3O8 and 0.07% Molybdenum.
The project area contains eighteen uranium target zones based on identification of favourable host rocks, fault intersections, alteration, and proximity to volcano - tectonic depressions interpreted from published geological maps, open file historical exploration data, landsat imagery, and geophysical data (including aeromagnetics, radiometrics, and gravity).
Fugro Airborne Surveys commenced an airborne magnetic and radiometric survey over the core target area of the Nth Maureen tenement in late October. The survey which comprises 21,300 line kilometres was flown at a height of 60m with E - W lines spaced at 100m. The purpose of the survey is to better define the structure and stratigraphy of the underlying basement rocks to help target likely sites for uranium mineralization. The survey was completed in early November and a geophysical interpretation is pending.
A 4000 m drilling program, designed to test six targets on the granted tenements, was scheduled to commence in January. A clearance of all planned drill sites was carried out in December with representatives of the Ewamian Aboriginal Corporation. All proposed sites received clearance for drilling. The start of this program has been delayed due to flooding in the field area, and the current planned commencement date of the program is March 2008, dependent on the progress of the wet season. The company has a signed contract for this drill program, and the drill company is standing by until access to the area becomes possible.
Mt Hogan Project
(Bondi 100% rights to Uranium - Newcrest 100% Tenement owner)
During the quarter, the company completed a 50 metre-spaced airborne magnetic and radiometric survey over the Mount Hogan area, where Bondi has negotiated with Newcrest Ltd the right to 100% of uranium mineralisation within an area of interest.
Located in northeast Queensland approximately 135 kilometres south of Mega Uranium's Maureen uranium deposit (historical resource of 6.5 million pounds U3O8 at 0.12% U3O8 and 0.07% molybdenum), the area of interest at the Mount Hogan project contains high grade uranium mineralisation in altered pyritic metasediments in contact with highly radioactive granite. Limited drilling of soil and radiometric anomalies by CRA Ltd in the late 1970's produced best results of:
- 7 metres at 0.38% U3O8 in percussion drillhole 79 HH PDH-1, including 1 metre at 1.2% U3O8. The intersection starts at a downhole distance of 29 metres.
- 1 metre at 0.17% U3O8 in percussion drillhole 79 HH PDH-2, within a broader interval of 5 metres at 0.05% U3O8 starting at a depth of 37 metres
The airborne survey successfully detected the previously-drilled area of mineralisation, and also highlighted two additional target zones with similar characteristics. These will be drilled in the March Quarter of 2008.
The Company's planned 1000m RC drill program was scheduled to start in December of 2007. Unfortunately the program was delayed due to rig mechanical problems followed by intense flooding in the area. The program has been rescheduled for early March 2008, dependent on the progress of the wet season. The company has a signed contract for this drill program, and the drill company is standing by until access to the area becomes possible.
Juntala Project
(Bondi 100%)
The Juntala EPM 15202 was granted during the December quarter. Field work will commence on the Juntala tenement in the June quarter of 2008, where a number of targets and target zones for basement and paleochannel uranium mineralisation have already been proposed.
Lake Amadeus - Lake Neal Project
(Bondi 100%)
Notice was received from the Central Lands Council that the applications covering the Lake Amadeus and Lake Neal project had been vetoed by the Traditional Owners.
Cymbric Vale Project
(Platsearch 50%, Paradigm Mexico 50%, Bondi can earn 60%)
During the December quarter, individual samples from anomalous composite intervals were submitted for analysis. These additional results are pending.
Dunmore/Tomingley Project
(Platsearch 90%, Roberts Consulting 10%, Bondi can earn 60%)
All assays have been received for the Dunmore and Tomingley projects in the Parkes region of New South Wales, where a number of targets were being tested for Cadia/Ridgeway/Lake Cowal/North Parkes-style gold-copper mineralisation based on new targets identified in detailed magnetics flown earlier in 2007. A number of encouraging results were returned from both the Dunmore and Tomingley programs, including halo-style intersections on new targets which have never before been drilled.
At Tomingley, a widely-spaced grid was drilled designed to test a target zone defined by a major northwest-trending break in the regional government gravity and magnetic datasets, similar to the orogen-oblique features which host all of the major deposits in the region, including North Parkes, Cadia/Ridgeway, Lake Cowal and Marsden. The drilling returned best-in-hole results of 446 ppm Cu from a 4 metre composite in hole TOL25, and 0.36 g/T Au from a 4 metre composite in hole TOL17.
At Dunmore, aircore drilling at target D02, a newly identified magnetic target, returned best results of 4m at 1230 ppm Cu and 0.22 g/t gold from the top of the hole in D02-03. At target D08, a circular magnetic high with flanking low, a maximum value of 475 ppm Cu was intersected from a 4 metre composite in hole D08-01 at a depth of 64 metres. A number of significant intersections were returned from drilling designed to test extensions of the TRE prospect, a 2000m by 750m zone of gold mineralization and quartz-sericite alteration. The best previous results from this zone include 5 metres at 5 g/t gold in drillhole RP4 and 1 metre at 12.9 g/t gold in drillhole RP10. New drill results from this area include up to 611 ppm Cu from a 4 metre composite in hole TR029 at a depth of 32 metres, and up to 1m at 0.81 g/t gold from hole TR034 at a depth of 43 metres.
The company is currently considering plans for further work on Dunmore and Tomingley in 2008.
Contact
Rick Valenta
Managing Director
TEL: +61-7-3369-4000
EMAIL: info@bondimining.com.au
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