URANIUM

High grade uranium hits continue for Australia's Bannerman

The Australian-based Namibian uranium explorer Bannerman has produced more strong drilling results, spiced with high grade intercepts, at the Oshiveli and Onkelo prospects within its Etango uranium project.

Author: Ross Louthean
Posted: Tuesday , 15 Sep 2009

PERTH  - 

After raising eyebrows with a series of high grade and profound uranium interceptions a few months ago Bannerman Resources Ltd (ASX: BMN, TSX: BAN & NSX: BAN) today released further evidence of major uranium plays at the Oshiveli and Onkelo prospects. 

An additional 35 reverse circulation drill holes returned "further consistent results" with much of mineralisation being at shallow depths. 

Bannerman's chief executive Len Jubber said these results were directed towards completion of a further mineral resource estimate as part of the ongoing feasibility study work for the Etango Project. 

Latest drill hits included assays of 78 metres downhole grading 230 ppm U₃0₈; 36m @ 416 ppm, including 6m @ 2,037 ppm; 15m @ 531 ppm; 51m @ 255 ppm; 21m @ 365 ppm and 20m @ 540 ppm U₃0₈. 

"These new infill and extensional drilling results reflect the contiguous nature of the Etango deposit and the potential to ultimately extend the proposed open pit from Anomaly A to Onkelo. 

"Importantly, the drilling programme is achieving the objective of adding additional near-surface resources along the 6 kilometres of strike length." 

Bannerman owns 80% of the Etango project, which is south west of Rio Tinto's Rössing uranium mine and is the west of Paladin Energy's new Langer-Heinrich mine. 

The company described Etango as "one of the world's largest undeveloped uranium deposits" and said its aim was to develop a large open pit uranium operation. 

Oshiveli and Onkelo are contiguous with the Anomaly A deposit and form the northern 3 km strike length of the 6 km long Etango Project uranium mineralisation. 

Bannerman said today there remains a 375 metre long section between the Oshiveli and Onkelo prospects to be drilled during the remainder of the year. 

A small manually portable diamond drilling rig has recently been obtained to drill test the thick alaskite dykes which outcrop at Oshiveli and Onkelo. 

Bannerman has to date completed 136 RC drillholes for 36,180m at Oshiveli 92 RC drillholes for 18,983m at Onkelo.