Bondi acquires rights to high-grade uranium prospect

08 September 2007 | 07:26 Code : 15182 Geoscience events
Bondi Mining has acquired the uranium rights to an area of interest at Newcrest....

  Bondi Mining has acquired the uranium rights to an area of interest at Newcrest Operations’ Mt Hogan project as part of its acquisition deal with Buffalo Gold.Located approximately 135km south of Mega Uranium’s Maureen uranium deposit (historical resource of 6.5 million pounds U3O8 at 0.12% U3O8 and 0.07% molybdenum) in northeast Queensland, the area of interest at the Mount Hogan project contains high-grade uranium mineralisation in altered pyritic metasediments in contact with highly radioactive granite. Limited drilling of soil and radiometric anomalies by CRA Ltd in the late 1970s produced best results of 1m at 0.17% U3O8, within a broader interval of 5m at 0.05% U3O8, and 7m at 0.38% U3O8, including 1m at 1.2% U3O8. At current gold and long-term uranium prices, this intersection is equivalent to 7m at 36.9 grams per tonne gold. According to Bondi Mining, these intersections remain open in every direction, as part of a regionally extensive granite contact zone. The zone has only been tested by four percussion holes over a strike length of at least 5km and contains multiple radiometric and soil anomalies. Bondi said the host rocks to the high-grade uranium mineralisation are chloritic and pyritic metasediments and silicified pyritic shale adjacent to a high-background radioactive granite. Bondi’s Managing Director, Dr Rick Valenta said this was a very exciting addition to the company’s uranium portfolio. “It represents a drill-ready high-grade uranium opportunity which has the potential to develop quickly into an advanced project,” Dr Vanenta said. Twelve other separate occurrences of uranium mineralisation are also noted on the published geoscience datasets within the area of interest at the MountHogan project and these will also be a focus of the planned program by Bondi. Bondi said it would carry out a program of detailed ground inspection followed by ground radiometrics and drill testing of a range of targets, including the previous high-grade uranium zones defined by CRA.

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