EDITOR: | December 11th, 2013

Uranex Limited: Completion of Diamond Drilling Programme

| December 11, 2013 | No Comments
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December 11, 2013 (Source: Uranex Limited) — Uranex Limited (ASX: UNX) (“Uranex” or the “Company”) is pleased to provide an update on the diamond drilling programme on its 100% owned Nachu Graphite Project.

We are excited to announce the completion of our Diamond Drilling Programme. This represents the completion of another key milestone in our short term focus to develop a resource estimate.

13 holes were drilled for 791 metres. A photograph of a core sample is shown in Figure 1.  This follows the completion of the Reverse Circulation (RC) drilling programme conducted during October and November 2013 (reference 1). The Uranex geology team selected two areas as the primary targets for the diamond drilling programme.

The initial focus was on Blocks C and D and these can be seen Figure 2 in relation to the other blocks identified by the Electro-magnetic survey (reference 2). The location of the diamond drill holes drilled can be seen in Figure 3.

Block D commenced first and two holes were completed before adverse weather conditions affected the ability to access the area.  The rig then commenced on Block C and eleven holes were completed in this block.  Core logging and core cutting is well underway with the first set of samples to be sent to the laboratory this week.  Testing core samples represents the next key milestone on the Nachu project.

Rod Chittenden
Chief Executive Officer

Information in this report that relates to Exploration Targets, Exploration results, Mineral resources or Ore reserves is based on information compiled by Mr Johan Erasmus, a Competent Person who is a registered member of the South African Council for Natural Scientific Professions (SACNASP) which is an Recognised Professional Organisation (RPO) included in a list posted on the ASX website.  Mr Erasmus is a consultant of Badger Mining and Consulting, Johannesburg, South Africa who were engaged by the company to undertake this work. Mr Erasmus has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves.  Mr Erasmus consents to the inclusion of the data in the form and context in which it appears.

Reference 1: ASX announcement 28 November 2013, Significant drill results continue at Nachu graphite project, (J. Erasmus, Badger Mining and Consulting Ltd).

Reference 2: ASX announcement 6 November 2013, EM survey extends strong conductor zones by 49% (J. Erasmus, Badger Mining and Consulting Ltd)

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Figure 1 – Photograph of core from NADD002 in block D

Fig 2

Figure 2 – EM survey interpretation at the 888 Hz frequency showing the block locations.

Holes coloured green have been completed and holes coloured red with a code are yet to be completed.

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Figure 3 – Drill hole locations on Blocks C and D


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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