Adelaide, Feb 27, 2008 AEST (ABN Newswire) - Uranium Exploration Australia Limited (ASX: UXA) is pleased to announce drilling has commenced on a high intensity gravity target located on the common border between EL 3430 - Playford and EL 3679 - Playford South East in South Australia.
Drilling commenced on 21 February and barring unforeseen delays, is expected to be completed in mid March 2008.
The Playford prospect is an iron oxide-copper-gold-uranium (IOCGU) target located 65 kilometres (km) northwest of BHP Billiton's Olympic Dam Mine and 86 km southeast of Oxiana's Prominent Hill Mine development mine on the highly prospective Stuart Shelf in the Gawler Craton.
The Playford target has been interpreted as a strong and discrete gravity anomaly with a gravity signature of 2.0 mGal. Modelling indicates the depth to this dense body is 900-1000 metres.
In general, the intensity of a gravity signature is related to the overall mass of the dense body. However, signal intensity decreases substantially with depth. For comparison purposes, the Carrapateena prospect has been reported to have a gravity signature of 2.0 mGal (Preview, 2006) at a depth of 400-500 metres; Prominent Hill deposit has been reported to have a gravity signature of 4.5 mGal (Preview, 2004) at a depth of 200 metres; and Olympic Dam deposit a gravity signature of 17 mGal (Preview, 2006) at a depth of approximately 350 metres. Modelling indicates if the Playford target had instead been 400-500 metres deep (similar to Carrapateena) the interpreted gravity signature would be 5 to 6 mGal.
The Playford prospect is located adjacent to a major interpreted fault structure and sits on a line between Olympic Dam and Prominent Hill. The absence of a magnetic signature suggests this anomaly is a potential hematite IOCGU deposit.
This modelled target body has a inferred density of 3.2 g/cc (grams per cubic centimetre) which is an appropriate density of an IOCGU deposit.
The Playford and Playford South East tenements are the subject of a joint venture with RIL (Australia) Pty Ltd (RILA), a subsidiary of India's Reliance Industries Limited, a Global Fortune 500 company and the largest private sector company in India. RILA holds 49% interest in the tenements.
JORC Compliance Statement
Technical Information in this report is based on information compiled by Dr Rodney Boucher who is employed by Linex Pty Ltd and who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Dr Boucher has sufficient exploration 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' ('JORC 2004"). Dr Boucher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Contact
Patrick Mutz
Managing Director
Tel: +61 8 8363 7970
Email: info@uxa.com.au
Website: www.uxa.com.au
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