| Fri 2 Jul 2010, 10:47 | | EXT - Extract Resources Limited - Rossing South: High Grade Result of 68 metres |
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EXT - Extract Resources Limited - Rossing South: High Grade Result of 68 metres
grading 5767 ppm U3O8
Extract Resources Limited
Registration No. ABN 61 057 337 952
Registered as an external company in Namibia
ISIN Code: AU000000EXT7
NSX Share Code: EXT
Rossing South: High Grade Result of 68 metres grading 5767 ppm U3O8
Extract Resources Ltd (ASX/TSX/NSX: EXT), a uranium exploration and development
company with projects in Namibia, today announced exceptional infill drilling
assay results and the emergence of a new zone of uranium mineralisation at
Rossing South, part of Extract`s world-class Husab Uranium Project.
Strong drilling rates continue to support the next resource update which will
form the basis for completing the Rossing South Definitive Feasibility Study.
The Company remains committed to the development of a mine at this globally
significant project.
Highlights:
- Outstanding intercept of 68 metres grading 5767 ppm U3O8 in Zone 1.
- New zone of uranium mineralisation indicated at Rossing South based on
strong hand held spectrometer results from RC drilling samples
- Known dimension of Rossing South mineralised system now defined over eight
kilometres with indications of high grade mineralisation on southernmost
line of drilling.
- Seven kilometres of prospective 15 kilometre trend still to be tested.
- First firing of explosives at Rossing South undertaken.
- Steady flow of exceptional high grade chemical assays received from infill
and resource extensional drilling, including:
Hole ID From To Mineralised zones
(m) (m) (U3O8)
Zone 1
RDD195 295 347 52m @ 911 ppm
RRC811 108 145 37m @ 1604 ppm
RSRC001 57 74 17m @ 1549 ppm
and 194 262 68m @ 5767 ppm
Zone 2
RDD150 295 340 45m @ 768 ppm
RDD154 228 268 40m @ 879 ppm
RDD155 288 313 25m @ 1917 ppm
RDD157 313 374 61m @ 632 ppm
RRC797 152 189 37m @ 878 ppm
RRC805 115 142 27m @ 2188 ppm
RRC818 116 134 18m @ 1691 ppm
RRC826 69 89 20m @ 2072 ppm
RRC829 136 167 31m @ 1029 ppm
RRC835 184 206 22m @ 1164 ppm
RRC845 94 104 10m @ 2375 ppm
RRC873 118 133 15m @ 2192 ppm
Exploration Update - New Zone Emerging
Exploration drilling on five lines, 200 metres apart, has defined strongly
anomalous uranium mineralisation over 800 metres of strike, as indicated by hand
held spectrometer results from the bulk RC samples. Confirmation chemical assay
results are required to fully quantify the significance of these results, but
based on past experience the Company believes a new granite hosted zone of
uranium mineralisation is emerging. Chemical assay results will be released when
available. Importantly, mineralisation remains open down dip and along strike
with additional drilling expected to increase the known dimensions of this zone.
Additional drilling has been planned in this area to follow up on the highly
encouraging results returned to date.
Only the northernmost nine kilometres of the 15 kilometre long Rossing South
target have been drill tested. The prospective stratigraphy for hosting granite
hosted uranium mineralisation continues under the Rossing South gravel plain to
the Salem area). Exploration drilling over this area will continue, but given
the enormous size of the target zone will be ongoing for some time to come.
Resource Definition Update - Zone 1 & Zone 2
The main focus of drilling has been infill resource definition work aimed at
converting the Zone 1 and 2 Inferred Resource to Indicated. Some extensional,
sterilization and exploration drilling is also being completed.
19 drill rigs are currently operating at Rossing South: nine RC rigs; and ten
diamond core rigs. Multiple significant results continue to be returned from
this drilling with a full list of recently received and previously unreported.
These results continue to demonstrate the continuity of the granite hosted
uranium mineralisation at Rossing South.
Rossing South Feasibility Study Update
Resource Update
Sufficient drilling has now been completed to define an updated resource
estimate for Rossing South within the third quarter of calendar 2010. The main
aim is to upgrade the current Zone 1 and Zone 2 Inferred Resource to Indicated
status. The Indicated Resource is expected to form the basis of the DFS mining
inventory so that reserves can be defined.
The images shown in Figure 2 (as per Company website) highlight the Zone 1 and 2
resource areas which will be the focus of the next resource update. The main
mineralised population is shown, as indicated by the >75 ppm U3O8 image. The
assays >1600 ppm U3O8 demonstrate the extent of high grade drill hole
intersections that tend to be distributed throughout both zones. The >75 ppm
U3O8 wireframe image shows the grade shells that are being modeled for the
resource upgrade.
First blast at Rossing South
A bulk sample is currently being mined from the northern end of Zone 1 to assist
with comminution testwork. This work commenced on Thursday 24th June 2010 when
the first ever use of explosives at Rossing South was undertaken.
The Definitive Feasibility Study (DFS) remains on track for completion in the
fourth quarter of the 2010 calendar year.
For full release, pelase refer to Company website
(http://www.extractresources.com).
On behalf of the Board of Directors,
Jonathan Leslie
CEO
Windhoek, 2 July 2010
Registered Office
Swakop Uranium (Pty) Ltd
3 Schutzen Street
Windhoek
Namibia
Sponsor
IJG Securities (Pty) Ltd
Member of the NSX
100 Robert Mugabe Avenue
P O Box 186, Windhoek, Namibia
Registration No. 95/505
Date: 02/07/2010 10:47:01 Produced by the JSE SENS Department.
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