First JORC resource for Marenica

03 December 2007 | 05:28 Code : 16094 Geoscience events
West Australian Metals has announced the initial JORC-compliant resource....

  West Australian Metals has announced the initial JORC-compliant resource for its Marenica uranium deposit in Namibia.WME said independent geological consultants, Hellman and Schofield Pty Ltd, had calculated an Inferred Mineral Resource of 15 million pounds of contained U3O8 to a depth of 40m, with the potential for a further two to five million pounds of U3O8 from the initial resource target area.WME’s Technical Director and acting Managing Director, Leon Reisgys said the company was pleased to have achieved the initial mineral resource estimate for Marenica and is optimistic regarding substantially growing the resource next year.The resource statement was calculated from 32 million tonnes at 213 ppm U3O8 using a cut-off grade of 110 ppm U3O8 from an area previously licensed to Gold Fields of South Africa in the early 1980s.Mr Reisgys said the initial resource estimate was taken from Mineralised Areas 1, 2 and 3, covering 11sqkm, which represents a very small area of the Marenica palaeo-drainage system.“Drilling is planned over a 28sqkm area immediately south and east of this resource area with the aim of significantly increasing the initial resource. “We are also currently drilling other targets within the broader project area, including a second major uranium anomaly discovered further southeast of our existing known Marenica uranium deposit,” he said.Mr Reisgys said the current drilling program sought to establish the depth and grade of the anomaly, so that WME can set a target for a second JORC-compliant resource statement for the Marenica project. "Should this radon anomaly prove to be U308 mineralisation, we believe that the possibility exists that this new Area 6 discovery will more than match the Gold Fields area in potential, and that we will see a material increase in the size of our U3O8 target," he said.WME’s 80 percent-owned Marenica licence area spans 706sqkm in the uranium-rich Damara Province in Namibia.

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