Significant uranium mineralisation at Nyang

  Diversified minerals group Metex Resources has taken an important step forward in its Australian uranium exploration initiative, with reconnaissance drilling at its 100%-owned Nyang Project in the Carnarvon Basin in Western Australia outlining significant uranium mineralisation over a total strike length exceeding 3km.Aircore drilling completed by Metex in October defined a palaeochannel in a tributary to the Lyndon River. Intersections within the prospective Birdrong Sandstone returned anomalous scintillometer counts of up to 25 times background readings. These anomalous zones were associated with strong hematite alteration and sulphide development.Best intersections from the aircore drilling program included 15m @ 546ppm U3O8 from 40m, including 1m @ 1,640ppm U3O8; 8m @ 1,320ppm U3O8 from 60m, including 1m @ 2,323m U3O8 and 1m @ 2,983ppm U3O8; 7m @ 569ppm U3O8 from 80m; 8m @ 411ppm U3O8 from 67m, 3m @ 595ppm U3O8, including 1m @ 1,202ppm U3O8; and 10m @ 372ppm U3O8, including 2m @ 844ppm U3O8.Metex’s Managing Director, Ian Walker said the results were considered to be very significant for reconnaissance drilling, with the mineralisation remaining open along strike and to the north, south and west.“This suggests the potential for a new discovery within the Nyang Project, which has been a key focus of our 2007 uranium exploration initiative,” Mr Walker said. “We intend to follow these results up as a priority with further drilling in 2008.”