News
RNS Announcements
Acquisition of additional tenements in Karoo Basin
23 November 2006
Highlights
- Uranium Resources to acquire a 42.5% interest in tenements in the prospective Karoo Basin sediments in Tanzania.
- The tenements cover 3,774 km2 and increase the Company's total tenement holding in Tanzania to 7,640 km2. The new tenements build Uranium Resources' strong position as one of the largest exploration land holders in the Karoo Basin in southern Tanzania.
Summary
Uranium Resources is pleased to announce that it has agreed to acquire additional uranium exploration tenements in the Karoo Basin in Tanzania. The new tenements cover a total area of 3,744 km2 and bring the Company's total tenement holding in Tanzania to 7,640 km2. The acquisition is conditional on the tenements being granted by the issuing authority in Tanzania.
Uranium Resources and Western Metals Ltd (ASX:WMT; www.westernmetals.com.au) have entered into a joint venture to explore the new tenements. Uranium Resources and Western Metals each hold a 42.5% interest in the new tenements with the remaining 15% held by Tanzanian interests. Western Metals will be the project manager for the exploration with both Uranium Resources and Western Metals funding exploration on an equal basis. The Tanzanian interests remain free carried until the commencement of feasibility on any potential mining project.
The tenements were selected because they overlie interpreted prospective Karoo Basin sediments and each tenement contains radiometric anomalies defined by historic airborne surveys. The Karoo Basin hosts known uranium deposits throughout southern Africa including Paladin Resources' Kayelekera deposit located 250 km to the west of the joint venture area. Initial work on the new tenement area will include detailed interpretation of historic radiometric data and generating targets for field programs.
Recent exploration conducted on behalf of Uranium Resources on the Henri anomaly in the Karoo Basin of southern Tanzania, has identified high grade uranium mineralisation in trenches with uranium assay results ranging from 17 ppm U to 7,232 ppm U (0.7% U)*.
Further field work is presently being conducted in the Henri area and further results will be announced as they become available.
*All results are in ppm uranium with analysis method accuracy quoted at + 100 ppm U. For conversion to U3O8 the uranium ppm values should be multiplied by 1.18.
| Contacts: | ||
| James Pratt | Uranium Resources plc | Tel: 07747 832 043 |
| Ross Warner | Uranium Resources plc | Tel: 07760 487 769 |
| Hugh Oram | Nabarro Wells & Co. Limited | Tel: 020 7710 7400 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7242 4477 |