EDITOR: | January 21st, 2013

Significant uranium and copper intersections in first results from large Hamilton Prospect, within Fitton Project, S.A.

| January 21, 2013 | No Comments
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January 21, 2013 (Source: Core Exploration) — Additional significant uranium intersections have been identified at the large Hamilton Prospect within Core Exploration’s (ASX: CXO) outstanding Fitton Project in a proven world-class uranium mining region, 500 kilometres north of Adelaide in South Australia.

The new results have confirmed that Fitton’s largest anomaly, Hamilton, located just two kilometres to the southwest of the Scott Lee prospect, hosts mineralised geology very similar to the previously identified high-grade Scott Lee Prospect.

As previously reported, Core’s first drilling program at the Fitton Project, discovered high-grade uranium within broad intersections of mineralisation within the shear zone at the Scott Lee Prospect.

Similarly to the mineralisation at Scott Lee, anomalous copper and uranium mineralisation were also intersected at the large Hamilton Prospect.

While only four test holes were drilled into Hamilton – a very large structure 2km kilometres long by 200 metres wide – Core’s Managing Director, Mr Stephen Biggins, said the early results satisfied the Company that the target was highly prospective for high grade mineralisation similar to Scott Lee, itself described by Core as “an outstanding discovery in a world-class uranium province”.

Fitton is located in some of Australia’s premier uranium acreage, being just north of the Beverley (46Mlb U3O8Resource 7.7Mt @ 0.27% (21,000T U3O8)); Four Mile (71Mlb U3O8 Resource 9.8Mt @ 0.33% (32,000T U3O8)); and Mt Gee (69Mlb U3O8 Resource 51.0 MT @ 0.06% (31,400T U3O8)) uranium deposits, project developments and mines (Figure 3).

Hamilton Prospect

The Hamilton Prospect consists of a large north-east trending magnetic anomaly which extends for over 2km (Figures 1 and 2). The first drill results at Hamilton confirmed that the mineralising geology at Hamilton is very similar to Scott Lee and consists of a sheared mafic dyke hosted by megacrystic granite.

Four shallow holes were drilled at Hamilton for a total of 252m. Similarly to the mineralisation at Scott Lee, anomalous copper and uranium were intersected at Hamilton in two of these holes.

HLRC001 intersected 3m at 104ppm U3O8 and in HLRC003 intersected 7m @ 1020 ppm Cu including 2m @ 2895 ppm Cu.

Considering the large size of the exploration target at Hamilton and that only 4 holes were drilled in the 2km long anomaly, Core considers this prospect to be highly prospective for high grade uranium mineralisation similar to the outstanding Scott Lee uranium discovery.

Core’s first drilling campaign at Fitton in late 2012, comprised a total of 1,902 metres of reverse circulation targeting seven prospects (Figure 2).

All assays from the RC drilling at Fitton have now been received with significant results. (Click to view table)

Further Results and Future Work Program:

Future Work Program:

  • Core is currently undertaking further exploration and field mapping comparing magnetic susceptibility and magnetic data to uranium distribution which could lead to identification of prospective zones outside of the current targets at Hamilton and Scott Lee
  • Detailed infill soil sampling is being undertaken in late January across the Scott Lee and Hamilton Prospects to identify new zones of surface mineralisation.
  • Aboriginal Heritage clearances and government approvals for drilling are in process to enable further drilling around the Scott Lee and Hamilton mineralisation.
  • Follow-up “step-back” and “along strike” RC drilling is planned at Scott Lee and Hamilton during Q1 2013 once land access is approved.

The information in this report has been compiled by Stephen Biggins (BSc(Hons)Geol, MBA) as Managing Director of Core Exploration Ltd and who is a member of the Australasian Institute of Mining and Metallurgy and is bound by and follows the Institute’s codes and recommended practices. As a Competent Person, he has a
minimum of 5 years relevant experience in the style of mineralisation and types of activities being reported and has given written consent to the above report in the form and context in which it appears.


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