MKY Resources - Tenements
Perth, Mar 16, 2009 AEST (ABN Newswire) - MKY Resources Limited (ASX:MKY) has a number of properties in the highly regarded Georgetown Province which host numerous known high grade uranium deposits. MKY has added to this position by applying for EPM 18027 which until recently was held in moratorium. The new lease covers 107 square kilometres in total area.
EPM 18027 lies 2.5 kilometres south of the Maureen Deposit where Mega Uranium have a 6.3Mlb U3O8 resource associated with Palaeozoic volcanics and sediments above an unconformity.
The same unconformity and geology extends into MKY's project and known uranium mineralisation within it has the same geological setting as that at the Maureen Deposit.
Regional Setting
The Huonfels tenement lies 2.5 kilometres south of the Maureen Uranium Deposit where Mega Uranium announced (in July, 2008) a NI43-101 compliant resource totalling some 6.33Mlbs U3O8 1.
At Maureen Uranium-molybdenum mineralisation is hosted by Carboniferous volcanic sitting above an unconformity and adjacent to major structures on the margin of a circular magnetic feature interpreted (a granitic intrusive). Numerous other similar circular features are evident in the aeromagnetics data in the Georgetown region and many have known uranium occurrences associated with them.
Geology of Project Area
The Huonfels Project area covers 18 linear kilometres of the same unconformity which is a major control of the mineralisation at Maureen and contains the same Carboniferous volcanics on the west side of the unconformity and the same Proterozoic meta-sediments on the east side of the unconformity. The geological setting is exactly the same as at the Maureen Uranium Deposit some 2.5 kilometres further north (Mega Uranium controlled).
Further to the north a large circular feature is evident in the magnetic data and is thought to be an intrusive event of Carboniferous age.
Exploration Target
The Huonfels Project is clearly highly prospective for discovery of a southerly extension to the Maureen Deposit along the same unconformity with the same geology. The target therefore at Huonfels is a large uranium-molybdenum deposit similar to the Maureen deposit, in which uranium mineralisation occurs as fault-hosted and strata-bound zones immediately above the mapped unconformity between Proterozoic meta-sediments and overlying Carboniferous sediments and volcanics.
Next Steps
A more detailed review of all available geophysical and open file data will be conducted whilst the tenement is pending grant. A detailed ground radiometrics survey will be conducted over the unconformity, fault zones and the overlying sediments to identify potential anomalies associated with uranium mineralisation.
Drill targets will then be identified and tested.
Contact
Stephen McCaughey
Managing Director
Tel: +61-8-9217-3300
Email: stephen@mkyresources.com.au
| ||
|
