Magnetic Resources (ASX:MAU)
Perth, May 29, 2009 AEST (ABN Newswire) - Based on the encouraging results described below, Magnetic Resources (ASX:MAU) has applied for three additional exploration licences covering prospective lake areas and interpreted extensions of the associated palaeochannels at Seabrook, increasing the Magnetic tenement holdings in the area to about 247sq km.
Reconnaissance sampling of radiometric targets at the Seabrook uranium project (Magnetic 80%, earning 100%) situated 40km east of Southern Cross, WA continues to expand the areas of interest with the identification of four new prospects showing anomalous levels of uranium.
Shallow samples of lake sediment have returned values up to 51ppm U (ranging upwards from 18ppm U) which indicate the Lake Seabrook/Lake Eva complex and associated palaeochannels may contain extensive areas of anomalous uranium - see attached map. Associated with the uranium are anomalous levels of cerium and strontium (maximum values 315ppm and 4980ppm respectively). Elevated copper, lead, nickel, cobalt and bismuth values in the sediments also correlate with the anomalous uranium samples.
The presence of this element association supports the interpreted similarity of Seabrook to the style of mineralisation at the Mulga Rocks uranium deposit north east of Kalgoorlie. At this stage it is interpreted that the Seabrook uranium anomalies are a result of weathering and concentration of primary uranium derived from structurally controlled sources or from granite.
Water samples taken from the previously reported 2km-long anomalous zone (MAU:ASX release 25 March 2009) have uranium contents up to 150ppb U which is considered to be strongly anomalous.
Further sampling to define the areal extent of the near surface anomalies will commence in the near future, to be followed by an aircore drilling programme to determine the depth extent of the uranium concentrations and to assess the potential for large shallow uranium deposits.
Contact
George Sakalidis
Managing Director
Tel: +61-8-9226- 1777
Mob: +61-411-640-337
Email george@magres.com.au
Roger Thomson
Technical Director
Tel: +61-8-9226-1777
Mob: +61-419-969-183
Email: roger@magres.com.au
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