Newera Resources acquires tenement containing uranium mineralisation at Jailor Bore
Perth-based uranium exploration company Newera Resources (ASX: NRU) now holds a 100% interest in Exploration Licence E09/1298 which has confirmed uranium mineralisation, and significantly is only nine kilometres in a south trending paleochannel from Energia Minerals' (ASX: NRU) 7.5 million pound uranium resource.
Newera had previously held the tenement under an option agreement between Coccinella Pty Ltd and Newera Uranium Limited (now Newera Resources Limited).
Following Coccinella undertaking a voluntary reduction of the size of E09/1298, and a re-negotiation of the terms of the option agreement, Newera, under the revised agreement terms, was afforded the opportunity to exercise the option early for a nominal fee.
Newera had previously held the tenement under an option agreement between Coccinella Pty Ltd and Newera Uranium Limited (now Newera Resources Limited).
Following Coccinella undertaking a voluntary reduction of the size of E09/1298, and a re-negotiation of the terms of the option agreement, Newera, under the revised agreement terms, was afforded the opportunity to exercise the option early for a nominal fee.
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By exercising the option, Newera effectively gains a 100% interest in the uranium prospects contained within E09/1298, particularly the Giant and Relief Well prospects, and is now able to manage future expenditure on E09/1298 in a more cost effective manner.
Newera’s drilling at the Giant prospect confirmed the presence of significant uranium mineralisation, coincident with airborne radiometric anomalies.
Based on the extent of the radiometric anomalies striking up to 5km by approximately 400m wide, with mineralisation demonstrated to average 2m in thickness, a conceptual exploration target of between 900,000 to 1,100,000lbs grading 120 – 150ppm U3O8 has been defined.
A total of 29 holes for 1600 metres were completed and three separate uranium anomalous pods were tested in a limited first pass drill program. All samples were analysed by pressed powder XRF at Kalassay Laboratories in Perth.
The company said further drilling needs to be done in order to better understand the geology and deposition of uranium mineralisation at Giant, and to potentially define a future JORC standard Inferred Resource,
The Relief Well prospect is located towards the northern end of E09/1298 where a VTEM survey undertaken by Newera had located a large anomaly with a strike extent of approximately 5 kilometres and has only been terminated in the south by the extent of the survey.
Two reverse circulation drill holes were drilled into the electro–magnetic (EM) anomaly at Relief Well. Drill hole RWRC001 intersected 2 metres @ 206 ppm U3O8 from 58 metres within carbonaceous shale. The mineralisation occurs towards the base of the shale unit.
The company is considering further drilling at Relief Well to test the up-dip of the sides of the channel for uranium mineralisation.
The timing of the aquisition is fortuitous as uranium prices are on the up again to $US58.50 a pound from around the $US40 a pound mark in the June quarter and potential uranium supply constraints are forecast from 2015.
China is said to be targeting the acquisition of around 45-50 million pounds of uranium per annum by 2020 and Korea, the Middle East, Japan, and to a lesser degree Russia, have yet to fully secure their uranium positions and are seeking out long-term supplies.
Article highlight
Newera’s drilling at the Giant prospect confirmed the presence of significant uranium mineralisation, coincident with airborne radiometric anomalies.
Based on the extent of the radiometric anomalies striking up to 5km by approximately 400m wide, with mineralisation demonstrated to average 2m in thickness, a conceptual exploration target of between 900,000 to 1,100,000lbs grading 120 – 150ppm U3O8 has been defined.
A total of 29 holes for 1600 metres were completed and three separate uranium anomalous pods were tested in a limited first pass drill program. All samples were analysed by pressed powder XRF at Kalassay Laboratories in Perth.
The company said further drilling needs to be done in order to better understand the geology and deposition of uranium mineralisation at Giant, and to potentially define a future JORC standard Inferred Resource,
The Relief Well prospect is located towards the northern end of E09/1298 where a VTEM survey undertaken by Newera had located a large anomaly with a strike extent of approximately 5 kilometres and has only been terminated in the south by the extent of the survey.
Two reverse circulation drill holes were drilled into the electro–magnetic (EM) anomaly at Relief Well. Drill hole RWRC001 intersected 2 metres @ 206 ppm U3O8 from 58 metres within carbonaceous shale. The mineralisation occurs towards the base of the shale unit.
The company is considering further drilling at Relief Well to test the up-dip of the sides of the channel for uranium mineralisation.
The timing of the aquisition is fortuitous as uranium prices are on the up again to $US58.50 a pound from around the $US40 a pound mark in the June quarter and potential uranium supply constraints are forecast from 2015.
China is said to be targeting the acquisition of around 45-50 million pounds of uranium per annum by 2020 and Korea, the Middle East, Japan, and to a lesser degree Russia, have yet to fully secure their uranium positions and are seeking out long-term supplies.
Article highlight
With uranium prices on the rise to $US58.50 a pound, Newera has exercised an option to gain a 100% interest in an exploration licence in Western Australia containing the Giant and Relief Well prospects which have confirmed significant uranium mineralisation.
http://www.proactiveinvestors.com.au/companies/news/11812/newera-resources-acquires-tenement-containing-uranium-mineralisation-at-jailor-bore-11812.html
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