Brisbane, Oct 15, 2008 AEST (ABN Newswire) - Bondi Mining Ltd (ASX:BOM) is pleased to provide an update on the progress of exploration on the Murphy Uranium project in the Northern Territory.
Highlights:
- Extended track etch coverage at Murphy has resulted in the identification of three new uranium drill targets at the Murphy project
- Additional anomalous Uranium intersected in RAB/aircore scout drilling
- Matching drill funding application to NTGS successful, drilling to commence in Q1 of calendar 2009
- Expanded alphatrack coverage nearly complete for 2008, with additional results expected by the end of 2008
- For a Boardroom Radio presentation on the project, please navigate to:
http://www.brr.com.au/event/52313
In early October, Bondi Mining was awarded a grant of $100,000 through the Northern Territory government's "Geophysics and Drilling Collaborations" program. The program provides 50% of expenses (up to $100,000) to assist with the cost of exploration in remote areas. (
See NT Government announcement at:
http://www.nt.gov.au/dpifm/Minerals_Energy/index.cfm?header=Geophysics%20and%20Drilling%20Collaborations
"Our exploration at the Murphy Project this year has made significant advances", said Dr Rick Valenta, Managing Director of Bondi Mining Ltd. "We have successfully discovered a zone that has great potential to turn into an unconformity-style uranium deposit, and have advanced that project to the stage where we are ready to carry out a deeper drill test of the target. We have also shown that the approach we are using to find mineralisation under cover is working. We have expanded coverage and identified additional anomalies which are now ready for scout drilling".
The company has now completed 167 shallow RAB/aircore holes on the Murphy Uranium targets, with a principal focus on the UC19 target area where strong Radon track etch signatures were detected in alphatrack surveys. The area of elevated Radon track etch response has returned a number of strongly anomalous results in borehole gamma logs, which are viewed as being very significant against the normally low background uranium in the target Westmoreland Sandstone. The UC19 zone also has a distinctive illite clay alteration signature which is similar to the characteristics of illite alteration at the Westmoreland Deposit (48.5 million lbs U3O8 at 0.09%), further east along the same belt.
In September, Bondi submitted a proposal to the NTGS to obtain matching funding for a deeper RC/diamond drill test of the main UC19 target, and in early October it was announced that Bondi's application was one of ten successful applications for funding under the NTGS "Bringing Forward Discovery" program.
Simultaneously with the drill program, the company continued to expand its Radon Track Etch survey coverage over prospective areas in the Murphy Uranium project area. There are now three additional areas in the region which have anomalies comparable in size and magnitude to the UC19 anomaly. This includes the UC22 extended anomaly, which had an extremely anomalous response in a structural target formed by the intersection of a NW fault, a bend in a mafic dyke and a fold in the Westmoreland Sandstone.
With the successful identification of Uranium mineralisation and unconformity-style clay alteration associated with Radon track etch anomalies at UC19, the company has carried out a further expansion of its Radon track etch coverage in the Murphy area, with surveys expanding to now cover 577 square kilometres (approximately 7% of the project area) of prospective structures and the unconformity. The track etch cups will be retrieved by early November, and additional results are expected by late 2008 or early 2009.
Bondi Mining is currently in discussions with a number of potential joint venture partners, and is planning a 2009 field season that will include addition target drilling, scout drilling, and continued expansion of Radon track etch coverage.
Note:
The exploration data and results contained in this report are based on information reviewed by Dr Rick Valenta, a fellow of the Australian Institute of Mining and Metallurgy. He is Managing Director of the Company and has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Dr Valenta has consented to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Contact
Rick Valenta
Managing Director
TEL: +61-7-3369-4000
info@bondimining.com.au
www.bondimining.com.au
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