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Peninsula Energy announces drilling intersects of higher uranium and molybdenum at Karoo Projects

Steel News - Published on Thu, 21 Apr 2011

Peninsula Energy Limited announced further results from the Site 22 and Site 29 at the Karoo Projects in South Africa. The results to date include very high grade Uranium, particularly at Site 22 which has returned 72 significant interceptions from the 152 holes.

Recently, Peninsula commenced a program comprising the relogging of the historic JCI boreholes. To date a total of 152 of the original 521 percussion holes have been relogged. In many cases where it was not possible to reenter the original hole, a new RC hole was drilled alongside in order to duplicate the original result. For QAQC purposes, 4 RC holes twinned re-entered holes. The results show a very good correlation of grade and thickness between the original holes and twins.

Of the 152 holes that have been logged to date, 126 have returned uranium mineralization, 72 of these exceed a grade thickness product of 0.15% feet eU3O8 and 45 holes returned multiple mineralized intersections. The highlights of the RC drilling include 6.7 feet 3,413 ppm eU3O8 from hole 06F0802RC, 5.9 feet 3,315ppm eU3O8 from hole 06F0101RC and 7.1 feet 1,705ppm eU3O8 from hole 06F0130RC.

Table 1 lists the most significant results achieved since the initial announcement on 15 March 2011. Appendix 1 lists all results received during that period.

Site 22 Re-logging and RC Drilling Results;

Hole-IDFrom (ft)To (ft)Interval (ft)Grade (ppm eU308)
06F007395. 698.12.5900

(0.15 grade thickness)

Site 29;
Site 29 is located 15 kilometers south of the provincial capital, Beaufort West. In the late 1970’s the prospect was drilled by Union Carbide who calculated the presence of approximately 600,000 lbs eU3O8 grading 1,000ppm eU3O8 based on the information from 310 drill holes.

Since the commencement of exploration on Site 29 in January 2011, Peninsula has completed the logging of 191 holes together with the drilling of 50 RC holes. Since the initial announcement on February 18th 2011, the results from a further 74 re logged holes have been received together with the results from the 50 RC holes. Table 2 lists the most significant results returned during the period.

Site 29 Re-logging and RC Drilling Results;

Hole-IDFrom (ft)To (ft)Interval (ft)Grade (ppm eU308)

(0.15 grade thickness)

Exploration RC drillhole;
Since the last announcement, a further 34 holes encountered significant mineralization and six holes reported multiple stacked intersections of mineralization. The highlights of the drilling included 6.9 feet 1,363ppm eU3O8 from hole QFN0034RC, 13.3 feet 529ppm eU3O8 from hole QFN0109RC and 10.8 feet 520ppm eU3O8 from hole QFN0311RC. The average depth of confirmed mineralization is between 40 and 43.6 from surface.

The effect of disequilibrium is not considered to be an issue in the Karoo due to the age of the deposits but it will be checked by comparing the geochemical assay results from the RC drill chips of twinned holes against the down hole gamma logging.

Molybdenum Assay results have been received from the initial batch of 180 samples, taken from 24 intersections. Best intersections include 4 feet 330ppm Mo and 3 feet 460ppm Mo. Appendix 2 lists the averaged molybdenum assays that have been received.

Karoo Projects - Exploration Potential;
In addition to the existing resource drilling, ten high ranking drill targets distributed across all six of the Company’s Project Areas have been prioritized from the 392 uranium occurrences generated by the 2008 helicopter borne radiometric and magnetic surveys. This process has included site mapping, ground sampling and aerial extent studies of the project areas conducted by Peninsula over the last 3 years.

Further targets have been identified following recent acquisition and review of exploration reports compiled by Union Carbide during the 1970s and early 1980s. Peninsula obtained these reports from the South African Nuclear Energy Corporation during the September 2010 quarter.

Posted By : admin on Thu, 21 Apr 2011
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