High-grade Honey Pot discovery

26 January 2008 | 04:55 Code : 16605 Geoscience events
Drilling at the newly discovered Honey Pot Prospect, located within Fusion....

  Drilling at the newly discovered Honey Pot Prospect, located within Fusion Resources’ 100%-owned Valhalla North Project in northwest Queensland, has intersected consistent high-grade zones of uranium mineralisation.The Honey Pot Prospect is a previously untested anomaly, separate and distinct from Fusion’s already identified Duke Batman Prospect, and is located approximately 16km north-northeast of Duke Batman. The drilling was completed beneath outcropping mineralisation, identified by Fusion through field mapping, in a zone that has been traced over 4km. Over 2.9km of strike of this anomalous zone within the Honey Pot prospect is yet to be drill tested. Fusion said its aim is to identify shallow (<200m) uranium mineralisation that is open pittable. Significant intercepts were recorded from as shallow as 26m down hole and to a maximum of 156m down hole. Fusion said that 25% of holes recorded two or more intercepts, indicating the potential for additional hanging and footwall zones that may be blind at surface. Drill assay results indicate the presence of a high-grade zone of uranium mineralisation over more than 1.1km of strike that can be traced down dip from surface. The mineralisation is open to the north, south and at depth, with mineralisation interpreted to be fault offset and to continue to the south under shallow alluvial cover. Fusion said the surface expression of the mineralisation is defined by a 4km discontinuous radiometric anomaly. To date, the company has drilled a total of 16 holes at the Honey Pot Prospect, with 14 holes intersecting significant mineralisation. Fusion said a second 10,000m reverse circulation and diamond drilling program will commence in March to further define mineralisation at Honey Pot, Duke Batman and other Prospects within the Project area and the region in general.

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