EDITOR: | August 20th, 2013

Uranex Limited: Nachu Graphite Project – Exploration Update

| August 20, 2013 | No Comments
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August 20, 2013 (Source: Uranex Limited) — Highlights:

  • Further graphitic mineralization found in trenches T7 and T2. Graphitic mineralization has now been found in all trenches completed.
  • The distance between the most distant trenches, T2 and T6, in which graphitic mineralization has been confirmed is approximately 13km. Outcrop samples extend the indicated strike length to 19km.
  • Mineralogical analysis of outcrop samples confirms large flake graphite is present on the tenement

Uranex Limited (ASX: UNX) (“Uranex” or the “Company”) is pleased to provide an update of the exploration activities on its 100% owned Nachu Project.

The exploration team at Nachu has now completed the first five (denoted as T1, T2,T4, T6, T7) of the eight planned trenches at Nachu resulting in very significant intersections of graphitic schists discovered in all trenches completed to date. The observations from the last two trenches T7 and T2 are discussed below.

The distance between the most southern and most northern trenches, being T2 and T6, is approximately 13km which indicates a potential for a large resource. Mineralization in outcrop samples extends over a 19km strike length.

Samples from T1, T4, T6, T7, are at the laboratory. T2 will be sent shortly together with further samples from the in-trench pitting.

The next planned phase of exploration is to conduct a ground based electromagnetic (EM) survey on the tenement. This work is will provide a better understanding of the stratigraphy of the tenement. The EM survey can now be conducted since most of the crops covering the area have been harvested and the native vegetation has thinned during the dry season.

The consultant geophysicist company is expected to commence work in the next two weeks and will continue for approximately one month. Initially, work will be conducted around the current trench lines. This EM work is expected to clearly define the mineralized zones in each of the areas and this will enable the geology team to better focus future trenching positions and subsequent drilling.

While the EM work is being conducted, the backhoe has moved to backfilling the trenches.

The exploration team has mobilised a hydraulic auger unit to test all trench lines before digging and to allow for further exploration on the tenement. While the auger will not penetrate the deeper harder schist zones, it is expected it will penetrate into the more weathered schist layer that has been observed below the soil layer providing good evidence of mineralization.

Trenching Observations:

Trench T7 

The fourth trench (T7 in Figure 1) in the north central part of the tenement was completed in late July.  A total of 130 metres of graphitic schists were intersected from the 428 metres of trenching in T7.   The trench heading is due west.  However, this area appears to be structurally different from the rest of the exposed trench intersections seen in T1 and T6 (to the north and south of T7).

The interpreted strike of the mineralization is between 285o and 320o (roughly north-west to south-east). The graphitic mineralization is mostly confined to steeply dipping beds (41o   to the south-west) and included some zones that visually appear higher grade and vary in thickness from 0.77m to 1.85 m.

The planned EM survey will allow a better interpretation of the area.

16 samples from this trench have been received at the laboratory and are being processed. The summary of the logged intersection can be found in Table 1.

Table 1 – The Geology of Trench T7
From

metres

To

metres

Interval

Length metres

 

Lithology

 

Mineralisation

0.0 15.5

15.5

Quartz mica schist
15.5 33.2

17.7

Schist Graphitic
33.2 79.5

46.3

Quartz Mica schist
79.5 90.0

10.5

Schist Graphitic
90.0 106.0

16.0

Schist Graphitic
106.0 197.0

91.0

Quartz mica schist
197.0 200.0

3.0

Schist Graphitic
200.0 268.0

68.0

Schist Graphitic
268.0 280.0

12.0

Quartz mica schist
280.0 333.0

53.0

Quartz biotite schist
333.0 348.0

15.0

Schist Graphitic
348.0 427.5

79.5

Quartz biotite schist

Trench T2 

The fifth trench (T2 in Figure 1) was completed at the end of July and was designed to test an area in the most southern part of the tenement where outcropping graphitic mineralisation was discovered during surface exploration in April.  This trench did expose 230 metres of graphitic mineralization from a total trench length of 600 metres.   This trench commenced at a point 8 894 984 N and 487 215 E and proceeded on heading 90o  east of north (due east).  The summary of the logged intersections can be found in Table 2.

Table 2 – The Geology of Trench T2
From

metres

To

metres

Interval Length

metres

 

Lithology

 

Mineralisation

0.0

9.8

9.8

Soil

9.8

28.6

18.8

Quartz Mica schist Graphitic
28.6 39.2

10.6

Schist Graphitic
39.2 44.7

5.5

Schist Graphitic
44.7 49.0

4.3

Schist Graphitic
49.0 59.4

10.4

Schist Graphitic
59.4 109.8

50.4

Quartz schist Graphitic
109.8 118.8

9.0

Quartz schist Graphitic
118.8 129.3

10.5

Quartz schist Graphitic
129.3 138.4

9.1

Quartz schist Graphitic
138.4 165.5

27.1

Soil
165.5 174.7

9.2

Quartz schist Graphitic
174.7 188.7

14.0

Quartz schist Graphitic
188.7 209.0

20.3

Quartz schist Graphitic
209.0 228.3

19.3

Quartz schist Graphitic
228.3 259.6

31.3

Mica schist
259.6 298.2

38.6

Soil Graphitic
298.2 600.0 301.8 Soil

 In – Trench Pitting 

In- trench pitting has been completed on T1, T4 and T6 and is now continuing on T7 and T2.  Samples from T1 pits have been sent to the laboratory for analysis and the others will be sent on completion of the last trench.

Mineralogy

Two samples of graphitic schists from outcrops were sent to SGS Lakefield Ore test laboratory in Perth for mineralogical examination.  These samples were deliberately chosen, on visual estimates only, as a medium to high grade sample with large flakes and the other a lower grade sample with finer flakes.

This investigation was intended purely to confirm the nature of the graphite that was being observed by the geologists in the outcrops and to provide quantitative reference data.  It did confirm that the deposit contains large flake graphite and the lower grade sample contained large flakes as well.  NAMET 1 came from the same area as NARK1001 (assay 13.9% Cg) and NAMET2 came from the same area as NARK1033 (assay 7.45% Cg).

In NAMET1, the graphite flake size determined by Qemscan particle maps was a maximum of 3,300 microns (3.3 mm) with a D50 (mid-point) size of approximately 1,000 microns (1.0mm).  Namet2 exhibited a maximum flake size of approximately 1,900 microns with a D50 of approximately 320 microns.

The results of the various analyses carried out on the samples can be seen in the table below.  SGS considered the overall correlation of the assays to be good considering the sample used in the Qemscan analysis was an uncrushed fragment of rock and not a pulverised representative sample as used for the other analysis.

Analysis NAMET1 NAMET2
Qemscan % Graphite 12.33 6.14
% Total Graphitic Carbon 13 4.45
% Organic Carbon 14.5 5.01

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 an 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.


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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