Location of Anomalous Uranium and Interpreted Structures
Perth, July 31, 2009 AEST (ABN Newswire) - Magnetic Resources (ASX:MAU) is continuing to test gold, iron, nickel and uranium targets on its extensive holdings in the wheatbelt region (southern Yilgarn Craton) of WA. Magnetic has substantially reduced these holdings as it focuses on the most prospective targets and further tenement rationalisation is expected.
Efforts are being made to farm out a number of projects as this process continues.
Highlights Include:
- Five new uranium targets identified at Seabrook with drilling scheduled for next quarter.
- New uranium prospect at Lake Harvey.
- WA government grant towards drilling the Jubuk iron ore prospect.
- 5km iron target outlined at Dampling Spring.
- Other iron targets being assessed at Harris, Mt Vernon and Dragon Rocks.
URANIUM
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 (ASX release 22 July 2009). The new tenements cover palaeochannel 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. Five new targets have been identified from the 676 samples taken to date, in addition to the previously reported anomaly.
Anomalous levels of cerium and strontium (maximum values 315ppm and 4,980ppm respectively) are associated with the uranium. In addition, associated elements showing elevated responses include Cu, Co, Cr, Ni and Pb. This suggests that uranium and base metals may have been precipitated from oxidised groundwater by a reducing environment within the lake system. This type of deposition in drainage channels is a setting similar to the high grade Mulga Rock uranium deposits in the Officer Basin north east of Kalgoorlie. The zones of elevated geochemistry have a strong correlation with interpreted basement structures, which suggests a possible source of fluids containing uranium and other elements.
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, with the drilling anticipated to commence in the September quarter.
Further exploration is being planned in order to further define the extent of the uranium within the extensive Lake Seabrook drainage system.
LAKE HARVEY (Magnetic 100%)
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.
For the complete Magnetic Resources Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61174-ASX-MAU-454509.pdf
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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