Australian Market Report of March 22, 2011: Territory Uranium (ASX:TUC) Announce More Exciting Rare Earth Drill Results In Northern Territory
Sydney, Mar 22, 2011 AEST (ABN Newswire) - Territory Uranium Company Limited (ASX:TUC) said today that total rare earth oxide (TREO) grades of up to 8.36% have been returned after further diamond drilling at Quantum Prospect in Northern Territory. A high grade intersection of 9.2m at 3.78% TREO was encountered within a robust zone of 21.9m at 2.55% TREO. Drilling has confirmed the continuity of high grade mineralisation and the tonnage potential of the prospect. Further drilling is being planned to test the undrilled +4km strike length of the Quantum Prospect for additional rare earth mineralisation.
China Yunnan Copper Australia Limited (ASX:CYU) said today that further drilling at the Mount Dorothy copper and cobalt prospect in Queensland with joint venture partner Goldsearch Limited (ASX:GSE) has further extended the rare earth-copper-cobalt discovery. Broad yttrium oxide (Y2O3) and total rare earth oxide (TREO) mineralisation as well as broad copper-cobalt sulphide mineralisation were intercepted. Next step is to target mineralisation on surface, along strike and at depth.
Bannerman Resources Limited (ASX:BMN) reported high grade surface rock chip samples, with assays up to 1,698ppm U3O8, collected at the Cheetah Prospect at its Etango Uranium Project in Namibia. 10 metres at 339ppm U3O8 was returned and RC drilling is now underway seeking extensions to the mineralisation. Active regional exploration programs are planned for 2011.
3D Resources Limited (ASX:DDD) has signed a Memorandum of Understanding with an Indonesian group that has manganese, iron ore and coal interests throughout Indonesia/West Timor. Under the agreement, 3D Resources will have complete access to the group's manganese exploration and mining interests and will select those areas of interest to formalise joint ventures to build a small to medium scale mining operation. Joint venture partnership may also potentially extend to coal and iron ore projects.