Brisbane, Mar 28, 2008 (ABN Newswire) - Encouraging uranium results have been received from eight rock chip samples taken from the Lagoon Creek Uranium Prospect in the Myally Project area. The samples were collected from scattered outcrops of limestone and calcareous sandstone in the area of anomalous soil and scintillometer results reported to the ASX on 27 November 2007. Sample results for the eight samples ranged from 183 to 325 ppm U3O8 and averaged 247 ppm U3O8 (0.54 lb/tonne U3O8).
Summary rock chip sample results and sample locations are shown in Table 1.
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Sample East North U3O8 U3O8 Mo V P(%) Cu Zn Rock Type
Number MGA MGA (ppm) (ppm)(ppm)(ppm) (ppm)(ppm)
Zone54 Zone54 (XRF05)(ICP41)
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3002946 363702 7887800 234 212 60 219 2.75 126 613 Limestone
3002947 363689 7887799 259 247 62 298 2.02 106 549 Limestone
3002948 363845 7887813 191 188 84 287 2.11 144 713 Limestone
3002949 363691 7888019 183 176 61 218 2.28 150 728 Limestone
3002950 363709 7887726 298 283 45 253 3.31 119 458 Limestone
3002951 361078 7885429 193 165 67 347 3.27 210 894 Calc-sandstone
3002952 361193 7885433 294 259 215 533 4.94 923 1300 Calc-sandstone
3002953 361379 7885536 325 259 77 474 4.48 375 1250 Calc-sandstone
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Table 1. Lagoon Creek Uranium Prospect - Rock chip sample results.
The first five samples were collected from an area of scattered outcrop and float of a red-brown to grey fossiliferous limestone surrounded by black soil. The last three samples were collected from an area of poorly outcropping red-brown fossiliferous calcareous sandstone in a black soil area. Both rock types appear to belong to the Toolebuc Formation of Cretaceous age. Dips on outcrops in both areas vary from flat-lying to steeply-dipping, however it is likely that both rock types extend under the extensive black soil areas.
Geological mapping and interpretation of historic airborne EM data indicates that the anomalous uranium values are associated with an ancestral embayment of Cretaceous sediments in the Proterozoic basement. It is thought possible that ancestral Cretaceous streams draining from the Proterozoic basement may have increased the uranium values in the Toolebuc Formation in this area.
Drilling of the prospect area is planned once native title clearances have been completed. An initial program of 1500 to 2000 metres of shallow drilling is planned. It is intended that this drilling be completed on widely spaced lines that provide information on the subsurface grades over the potentially large uranium bearing area of some 3 km by 2 km.
Whilst base metal exploration is the main focus for Superior Resources Limited the Directors consider that drilling of the Lagoon Creek Uranium Prospect is warranted because of the potential size of the area.
Elizabeth Prospect Drilling
Drilling of the Elizabeth Prospect (Dajarra Project) which was suspended prior to Easter for unscheduled maintenance of the drilling rig should recommence early next week. Two holes were completed prior to the suspension of operations. Four holes remain to be completed.
The information in this report that relates to Exploration Results is based on information compiled by Mr Ken Harvey, a full-time employee of the Company, who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Harvey has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Harvey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
