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BREAKTHROUGH MINERALS LIMITED — Capital/Financing Update 2007
Jul 16, 2007
64579_rns_2007-07-16_c69d5f0d-9d0d-4f4a-a50f-954ec0910a97.pdf
Capital/Financing Update
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ASX and MEDIA RELEASE 16[th] July 2007
ATOMIC RESOURCES SIGNIFICANTLY INCREASES LAND HOLDING IN TANZANIA
Atomic Resources Limited (ASX: “ATQ”) has entered into an agreement through its Tanzanian registered subsidiary Pacific Corporation East Africa Limited ( “PCEA”), to purchase a further 5,200km[2] of granted exploration ground within the current project area of Tunduru, Southern Tanzania. This brings the company’s current concession holding in Tanzania to approximately 6,000km[2] .
The region targeted by Atomic is largely the sandstones, mudstones, conglomerates of the Karroo Basins . Uranium mineralisation is recorded throughout the Karoo Basins from the Kariba Project in Zambia, the Kanyemba Uranium project in Zimbabwe, to the Kayelekera Uranium Deposit in Malawi and the Ntoya Deposit in Tanzania.
In total eleven concessions are included in the acquisition which cover largely sediments of the Karoo formations within the Selous Basin, Songea and Tunduru regions.
Executive Director David Holden said
“Atomic has secured a strategic ground position in a region considered to be highly prospective by other Uranium explorers. We are moving as quickly as we can to get field work under way to test a number of the near surface anomalies already identified by previous exploration”
The company is finalizing its exploration programme for Tanzania and intends to commence detailed radiometric ground surveys and surface sampling work focused on areas with known evidence of uranium anomalism.
Within the newly acquired concessions two in particular have strong anomalism; PLR 4450 has a cluster of three uranium anomalies which all lie over or near to Karoo sandstones, conglomerates and Lower Coal Measures; PLR HP-P15543 has a broad east west trending uranium anomaly identified by GmbH. This anomaly of approximately 10 kilometres long by 2 kilometres wide is considered to be an indication of uranium mineralisation. It is noted by GmbH that the region is overlain by surficial sediments
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which may be masking some of the radiation and as the form of the zone is at right angles to the drainage it is inferred to be an expression of a possible redox front.
In addition numerous point anomalies or low order anomalies exist within a number of the other concessions.
Other Uranium explorers operating in the Southwest of Tanzania include Uranex (ASX:UNX), Western Metals ( ASX:WMT), Mantra Resources ( ASX:MRU) Uranium Resources (AIM:URL), and unlisted Canadian company Tanganyika Uranium Corporation.
Under the terms of the agreement up to $US465,000 will be payable to the vendors by PCEA for 100% ownership of all the concessions subject to completion of a satisfactory technical due diligence by PCEA within a 60 day period and successful transfer of concessions to PCEA. The vendor will retain any rights to explore for gemstones within the concession areas
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ATQ also holds advanced active exploration projects within Western Australia and is preparing to commence drilling at the Uaroo project near Onslow. This project has had significant historical drilling results from the early 1980’s when uranium was identified within sandstones as roll front mineralisation some 36 kilometres south from the Manyingee Deposit of 12,078 tonnes at 0.08% U3 O8 ( from published resources DoIR web site).
Field work preparations at Uaroo have commenced in anticipation of drilling at the project next month.
For further information contact:
Shareholder Enquiries David Holden Atomic Resources Ph: (08) 9322 2033 [email protected] www.atomicresources.com.au
Media Enquiries Tony Dawe Dawe Media Group Mob: 041 3322 110