EDITOR: | November 1st, 2013

Uranex Limited: Significant Drilling Results Continue at Nachu Graphite Project

| November 01, 2013 | No Comments
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November 1, 2013 (Source: Uranex Limited) — Highlights:

  • RC  Drilling  programme  continues  to  add  significant  graphitic mineralization near to surface with new intersections observed in blocks A and E
  • Near surface intersections of up to 51m of graphitic mineralization
  • Three holes finished in mineralization
  • The  new  results  build  strongly  on  already  exciting  results  in blocks C and D

Uranex Limited (ASX: UNX) (“Uranex” or the “Company”) is pleased to provide an update from the RC drilling programme on its 100% owned Nachu Graphite Project.

The RC drilling campaign continues to show visual confirmation of large intersections of graphitic mineralization throughout the project.  Today’s results are from the initial drill holes in each of Blocks A and E and confirm the presence of graphitic mineralization in the area surrounding those holes.  Also shown is the final hole drilled in Block D.

Table 1 shows the intersections where the graphitic mineralization was observed by the geologists. The location of the drill holes are shown in Figure 1.

These results in blocks A and E add strongly to the results announced earlier this week from blocks C and D.  Over the next few weeks we plan to test all the target blocks within our RC drilling programme.  The results of the drilling from the previous ASX announcement (Reference 1) can be seen in Table 2.

Today’s results from blocks A and E strengthen the potential for a significant graphite resource on the Nachu tenement.  Most results announced today started at or near to surface with most holes ending in mineralization.

CEO Rod Chittenden commented – “We are excited with the results to date. We are currently drilling our fourth block out of eight blocks and our confidence continues to grow with each update.  The potential of hosting a significant graphite resource in Nachu is strengthened with these results and we look forward to more updates in the coming weeks”

Rod Chittenden
Chief Executive Officer

Reference 1: ASX announcement, 28 October 2013, Significant Drilling results from Nachu Graphite Project. (J. Erasmus, Badger Mining and Consulting Ltd)

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.

Table 1 – RC Drill results based on Geologists observations

Block designation

Coordinates Easting

Coordinate Northing Hole ID

Mineralization Start depth (m)

Mineralization Finishdepth (m)

Total graphite mineralization thickness (m)

Total metres of mineralisation inthe hole

Total Metres drilled(m)

D

488021 8896304 NARC014

9.0

18.0

9.0

18.3

21.0

2.7

33.6

36.0

2.4

14.1

40.0

E

485801 8898494 NARC015

11.1

23.1

12.0

26.0

44.0

18.0

51.0

58.0

7.0

37.0

58.0

A

486350 8898696 NARC016

2.0

46.0

44.0

44.0

46.0

A

486719 8899097 NARC017

1.0

11.8

10.8

15.0

17.0

2.0

24.2

38.0

13.8

26.6

42.0

A

486344 8899097 NARC018

0.0

40.0

40.0

41.0

52.0

11.0

51.0

52.0

A

486594 8899492 NARC019

0.0

31.7

31.7

33.9

37.0

3.1

38.0

41.7

3.7

38.5

42.0
Figure 1- EM survey interpretation at the 888Hz frequency showing the drill hole locations.

Figure 1- EM survey interpretation at the 888Hz frequency showing the drill hole locations.

Table 2 – Results of the RC drilling announced on 28 Oct 2013

Block designation

Coordinates

Easting

Coordinate

Northing

 

Hole ID

Mineralizatio

n Start depth(m)

Mineralizatio

n finish

Depth(m)

Total graphite

mineralization thickness (m)

Total Metres of

Mineralisation in the hole

Total

Metres drilled (m)

C

487669 8898880 NARC001

6.5

31.0

24.5

   
       

35.0

48.0

13.0

37.5

52.0

C

487460 8898504 NARC002

14.5

44.0

15.5

   
       

30.0

44.0

14.0

29.5

52.0

C

487686 8898501 NARC003

2.5

9.0

6.5

   
       

11.0

44.0

33.0

39.5

46.0

C

487234 8898100 NARC004

2.0

17.0

15.0

   
       

24.0

25.0

1.0

   
       

28.0

36.0

8.0

24.0

52.0

C

487711 8898111 NARC005

4.0

5.0

1.0

   
       

20.0

24.0

4.0

   
       

25.0

26.0

1.0

   
       

27.4

30.0

2.6

   
       

32.2

40.0

7.8

   
       

41.0

48.0

7.0

23.4

52.0

C

487314 8897711 NARC006

2.0

16.0

14.0

   
       

28.0

30.0

2.0

   
       

31.0

32.0

1.0

   
       

38.0

52.0

14.0

31.0

58.0

D

487660 8897597 NARC007    

0.0

  46.0

D

487606 8897091 NARC008

6.0

12.0

6.0

   
       

13.5

21.0

7.5

   
       

41.0

46.0

5.0

18.5

50.0

D

487145 8897098 NARC009

3.0

38.0

35.0

   
       

43.0

46.0

3.0

38.0

49.0

D

487200 8896699 NARC010

14.0

19.0

5.0

   
       

21.0

53.0

32.0

37.0

58.0

D

487508 8896297 NARC011

10.0

19.0

9.0

   
       

24.0

40.0

16.0

25.0

44.0

D

487639 8895598 NARC012

19.0

23.0

4.0

   
       

27.0

28.0

1.0

   
       

35.0

38.0

3.0

   
       

42.0

43.0

1.0

9.0

46.0

D

488104 8895598 NARC013

4.0

28.0

24.0

   
       

34.2

40.0

5.8

   
       

43.1

43.7

0.6

   
       

45.0

46.0

1.0

31.4

51.0

 


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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