Project Location Map
Perth, July 22, 2009 AEST (ABN Newswire) - Magnetic Resources (ASX:MAU) continues to advance exploration on its uranium targets in the southwest region of Western Australia.
Recent progress is summarised as follows:
SEABROOK (Magnetic 80%, earning up to 100%)
Additional exploration licences have been applied for at Seabrook, increasing the project area from 100sq km to 318sq km. The new tenements cover paleochannel targets associated with the Lake Seabrook drainage system. Reconnaissance sampling of lake sediments (30cm depth) has continued within the expanded area of interest.
Values ranging from 30ppm to 50ppm uranium (compared to a background of 3ppm uranium) in surface samples indicate that this lake complex and the associated drainage system contain extensive areas of anomalous uranium. Six target areas have now been identified from the 676 samples taken to date. Anomalous levels of cerium and strontium (maximum values 315ppm and 4980ppm respectively) are associated with the uranium. The elevated geochemistry shows a strong correlation with interpreted basement structures, which suggest a possible source of the uranium.
Subject to the necessary permitting and to weather conditions, Magnetic is planning an initial 2,000m aircore drilling programme to test the nature and extent of the anomalous uranium in this previously untested area. The drilling is anticipated to commence in the September quarter.
LAKE HARVEY
Magnetic has acquired a new tenement covering a significant area of uranium radiometric anomalism surrounding Lake Harvey about 35km east of Kalannie in the northern wheatbelt.
The area has not previously been explored for uranium but the strong anomalism around the periphery of the salt lakes appears to be similar to the occurrences at Seabrook. A programme of surface sampling and ground radiometric traverses is being planned to further investigate these airborne radiometric anomalies.
Contact
George Sakalidis
Managing Director
Tel: +61-8-9226-1777
Mob: +61-411-640-337
Email: george@magres.com.au
Roger Thomson
Technical Director
Tel: +61-8-9226-1777
Mob: +61-419-969-183
Email roger@magres.com.au
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