Perth, Jan 17, 2008 (ABN Newswire) - The Directors of U3O8 Limited ("U3O8")(ASX:UTO) wish to announce that the final results from a detailed high-resolution, state-of-the-art aeromagnetic and radiometric survey completed over the Company's 100% owned Clever Mary project, located about 300 km east of Carnarvon in Western Australia have been received.
Audio Webcast Link:
http://abnnewswire.net/lnk/428O8HLVThe survey consisted of approximately 1,900 line kilometres of surveying over the entire Clever Mary Project area.
The acquisition of detailed airborne radiometric and magnetic data is an important step in developing a better understanding of the geology and in particular the geometry of structural elements that might control unconformity-related uranium mineralisation.
The Company will now assess these results and evaluate the need for additional ground radiometrics and/or possibly an airborne EM survey to be completed, specifically targeting hidden conductors often associated with buried mineralisation.
PROJECT BACKGROUND
The Clever Mary project area lies in the Lower Proterozoic Gascoyne Province and at the intersection of two major shear zones, the Minga and Chalba Shear Zones.
Clever Mary contains most of what remains of the Mt James or Big Bend Syncline, hosting lithologies of the Mt James Formation, a metamorphosed equivalent of other Mid-Proterozoic clastic cover sequences associated with unconformity-related uranium mineralisation, such as the Bresnahan Formation in the Ashburton (W.A.) or the Kombolgie Subgroup (N.T.).
Of particular interest is the presence of a continuous graphitic shale and metachert that wraps around the Mt James/Big Bend Syncline and is intermittently exposed over a 15km strike length and marked by gossans such as the Chance and Discovery Pb-Zn+/-Cu gossans identified by previous explorers, and known to contain Pb + Zn grades of up to 7m @ 1.06% within graphitic clays.
Only one hole has intersected the unconformity on the project and confirmed the presence of significant amounts of graphite within close proximity to the metamorphic basement (Morissey Metamorphics and associated pegmatites and granites, showing strong regional uranium anomalism).
Historical uranium exploration in the area (primarily in the late 1970's and early 1980's by Agip Nucleare and Urangesellschaft) was limited to testing secondary carnotite surficial occurrences and primary mineralisation within exposed basement. This led to the discovery of grades up to 0.17% U3O8 in drilling by Agip Nucleare immediately to the north of Clever Mary.
However, no attempt was made to test the presence of primary uranium mineralisation under cover.
Unconformity-related uranium deposits host many of the most significant uranium deposits in the world, including the world class, super high grade McArthur River and Cigar Lake deposits (both around 20% U3O8) in Saskatchewan and the very significant Ranger, Jabiluka, Koongarra, and Kintyre deposits in Australia.
Further information relating to the Company and its various exploration projects can be found on the Company's website at:
http://www.u3o8.com.au
