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ALTAMIN LIMITED — Capital/Financing Update 2012
Nov 4, 2012
64488_rns_2012-11-04_a6829000-ffcb-4341-afe5-13bf6430641a.pdf
Capital/Financing Update
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5[th] November 2012
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ASX Announcement
ASX Code EMX
Energia Commences Expanded Drilling Program at Nyang Project
ABN 63 078 510 988
PO Box 1785 West Perth WA 6872
New program of 10,000m of aircore drilling underway to unlock the potential of Energia’s large tenement holding in emerging WA uranium province
Energia Minerals Ltd (ASX: EMX) is pleased to announce that it has commenced the largest drilling program in its history, with a program of 10,000m of aircore drilling underway at its flagship 100%-owned Nyang Uranium Project in the Carnarvon Basin of Western Australia (Figure 1).
The landmark drilling program, which is being undertaken by Challenge Drilling, commenced over the weekend and is expected to continue until the end of November. This follows the Company’s recently announced $2.3 million capital raising and the strategic investment by fellow uranium company Uranium Equities Limited (ASX: UEQ).
Energia’s Managing Director, Mr Kim Robinson, said the planned drilling program had been doubled in size from the 5,000m originally planned to 10,000m.
The drilling is primarily designed to increase the current Inferred Mineral Resource at Carley Bore of 13.8 million tonnes at 390ppm for 12 million pounds U 3O8 (at a 200 ppm cut off) .
Level 2, 20 Kings Park Road West Perth WA 6005
T: + 61 8 9321 5000 F: + 61 8 9321 7177 E: [email protected] W: www.energiaminerals.com
Board of Directors Tony Iannello Non Executive Chairman Kim Robinson Managing Director Leigh Bettenay Executive Director – Exploration and Development Max Cozijn Non Executive Director Ian Walker Non-Executive Director Bryn Jones Non-Executive Director Company Secretary Jamie Armes CFO and Company Secretary
The Carley Bore resource is contained within a regionally continuous palaeochannel defined by a detailed gravity survey which extends for at least 40km to the north of the current resource. So far the drilling has effectively tested only 5% of prospective palaeochannels within the tenement holding, generating an additional Exploration Target[1] of 15-25 million pounds of U3O8 grading between 300 and 500ppm U3O8.
“This is the largest drilling program undertaken by Energia in its relatively short history, and should go a long way towards unlocking the potential of our extensive tenement holding along the eastern margin of the Carnarvon Basin uranium province,” Mr Robinson said.
“We have already established a sizeable JORC compliant Inferred Resource of 12 million pounds of U3O8 at the Carley Bore deposit, having effectively tested just 5 per cent of the prospective palaeochannels within the tenement holding.
“We have a lot of unfinished business in this area, with an additional Exploration Target of 1525 million pounds of U308 and an extensive area of untested palaeochannels that require drilling,” he added.
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The other major tenement holders in the Carnarvon Basin are Paladin Resources with 24 million pounds of U 3O8 at its Manyingee deposit and Cauldron Energy with 4.8 million pounds U 3O8 at its Bennett Well deposit and both of these companies are also currently carrying out drilling programs.
The uranium at Carley Bore has the potential to be extracted by In Situ Recovery (ISR), a low-cost extraction technique with low environmental impact that is used worldwide.
As with previous drilling programs, the Company will use a wet geochemical analytical method, rather than the conventional down-hole gamma logging technique, to estimate U 3O8 content and will report the results as they come to hand. Drilling is expected to be completed by the end of November.
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| Kim Robinson | For media enquiries contact: |
|---|---|
| Managing Director | Nicholas Read |
| +61 8 9321 5000 | Read Corporate |
| [email protected] | +61 8 9388 1474 |
| [email protected] |
Competent Person Statement:
Information in this release that relates to Exploration Results and the Exploration Targets are based on information prepared by Mr Kim Robinson who is a Member of the Australian Institute of Geoscientists and a full-time employee of Energia Minerals Limited. Mr Robinson has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Robinson consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
The August 2011 update for the Inferred Mineral Resource at Carley Bore is based on information compiled by Mr Alex Aaltonen who was employed by Energia Minerals Limited and Mr Neil Inwood who was employed by Coffey Mining Limited at the time of the resource estimate and public release of results. Mr Inwood visited the site from 23-25 April 2010. Alex Aaltonen is the Competent Person responsible for the drilling assay database, QA/QC validation and density measurements. Neil Inwood is the Competent Person responsible for the resource estimation and classification. Mr Inwood is a Fellow of the AusIMM and Mr Aaltonen is a Member of AusIMM. Both Mr Aaltonen and Mr Inwood have sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. As Mr Inwood is now no longer employed by Coffey Mining, Coffey Mining has reviewed this information release and consent to the inclusion, form and context of the relevant information herein as derived from the original resource reports for which Mr Inwood’s consent had previously been given. As Mr Aaltonen is now no longer employed by Energia Minerals, Mr Robinson has reviewed this information release and consents to the inclusion, form and context of the relevant information herein as derived from the original internal reports for which Mr Aaltonen’s consent had previously been given.
1. Exploration Target Cautionary Statement:
An Exploration Target is conceptual in nature and has yet to be fully drill tested. There has been insufficient exploration (ie. close-spaced drilling) to define a JORC compliant mineral resource within the Exploration Target and it is uncertain if future exploration will result in the determination of further mineral resources within it.
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Figure 1 – Nyang Project showing location of Carley Bore Inferred Resource, historic drilling, palaeochannels interpreted from gravity surveys and planned drilling.
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