Resource established at Pecs Project

International uranium developer, WildHorse Energy Ltd has announced its first JORC....

  International uranium developer, WildHorse Energy Ltd has announced its first JORC-compliant Inferred Mineral Resource at the Pecs uranium project in southern Hungary.WildHorse has established an initial JORC-compliant Inferred Mineral Resource of 17.0 million tonnes at 0.08%, for 30 million pounds (13,600 tonnes) of U3O8, at a lower cut-off of 400ppm, for the Pécs uranium deposits in southern Hungary. The resource estimation has been independently completed by RSG Global Consulting, a subsidiary company of Coffey Mining.WildHorse CEO Richard Pearce said the results were a major milestone for the company and its shareholders. “These results are highly encouraging for the project and WildHorse’s strategy to establish a major uranium producing company in Europe,” Mr Pearce said.“Although detailed studies will be needed to determine the economic and environmental consequences of potential mining, these results provide the basis to move ahead to the next stage,” he added. According to the company, the resource area currently only covers a relatively small portion of WildHorse’s project area and is based on the geological modeling undertaken by RSG Global. There is considerable potential to extend the resource in all directions. Work will commence as soon as possible, with targeted drilling in and around existing historical drill holes which contained uranium mineralisation. As well as potentially increasing the size of the resource, this drilling will be used to bring the status of this deposit to an indicated resource. The estimates are based on extensive historical drilling and radiometric and assay data that has now been verified by RSG Global, following QAQC procedure, and incorporated into new digital databases. Surpac software was used to construct wire frames and block grades were estimated by ordinary kriging. The company’s previously stated objective was to report 45 million pounds of JORC compliant uranium resource by November 2008. As a result of this initial success at Pécs and the likelihood that the resource will increase significantly, together with the progress being made in Wyoming and elsewhere, WildHorse has increased its targeted JORC uranium resource to 100Mlbs by the end of 2008.