Perth, April 18, 2008 AEST (ABN Newswire) - The Directors of Australasia Gold (ASX: AAO) are pleased to announce their agreement in principle to the terms of a joint venture proposed to be concluded with UraniumSA (ASX: USA) to explore for uranium in the eastern half of EL3542 Murninnie.
Australasia Gold holds a 90% interest in the Murninnie EL, situated 35km south-west of Whyalla, South Australia.
EL 3542 adjoins EL 3652 Mullaquana, within which UraniumSA has announced the occurrence of potentially significant quantities of sediment-hosted uranium. The sedimentary sequence extends over the eastern half of EL 3542. More detail is available in the recent announcements of UraniumSA.
UraniumSA has developed particular expertise in relation to understanding and testing this mineralisation, expertise which will be deployed in exploration conducted in the first instance at the expense of UraniumSA on the Australasia Gold tenement.
Under the proposed joint venture, UraniumSA will be able to earn a 70% interest in uranium discovered within Pirie Basin sediments in EL 3542, while it will progressively make available to Australasia Gold geophysical and drilling data which will assist Australasia Gold's own exploration of basement rocks below the sediments. Australasia Gold and its associate owners of EL 3542 will retain a 100% interest in any mineralisation discovered in the basement.
Other Project Developments
Australasia Gold is currently drilling a gravity target in the south-west of EL 3542 which may reflect iron oxide copper-gold mineralisation at depth within the basement rocks.
A gravity survey of a target in the centre of EL 3767 recently subject of farmin and joint venture with Peninsula Exploration Pty Ltd has defined a positive anomaly which justifies follow up exploration.
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Trevor Ireland who is a Fellow of the Australasian Institute of Mining & Metallurgy. Mr Ireland is an employee of Australasia Gold Limited and has sufficient experience relevant to the styles of mineralisation under consideration and to the subject matter of the report to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Ireland consents to the inclusion in the report of the matters based on his information in the form and context in which they occur.
Contact
Trevor Ireland
TEL: +61-8-8339-0580
Email: tireland@australasiagold.com.au
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