Extract makes new Uranium discovery

Extract Resources announces a major new uranium discovery at their Rossing South exploration target which is part of their wholly owned Husab Uranium Project in Namibia.

Extract Resources Managing Director, Peter McIntyre, said that this immediate success indicates enormous potential for the Rossing South target.The discovery so early in the program is an outstanding result. This is only the first line on a 15 kilometre strike target, and grades are similar to the Rossing mine grades. These early results cannot be understated, and confirm Rossing South as a world-class target.

The discovery holes are approximately 1.5 kilometres from Extract’s northern boundary, which it shares with the world-class Rossing uranium province, and 7 kilometres south of the Rossing Mine itself. The Rossing South target area extends for 15 kilometres onto Extract’s licence, and is covered by desert sands up to 50 metres thick. This is the first time this target has been drilled.

A core hole is currently being drilled beneath the discovery holes, and a scissor RC hole will also be drilled to check the orientation. Reconnaissance drilling has also begun testing the bedrock 1.6 and 3.2 kilometres to the south and along the interpreted strike. Anomalous zones of uraniferous alaskite have been identified, and deeper drilling into these zones is now also planned.

1.6 kilometre spaced drill lines with 80 metre spaced holes were planned to test the bedrock under the surficial cover, which is generally about 40m thick in the region. From initial drilling of the first drill line, indications of alaskite were identified over a wide zone of at least 160 metres. Follow up drilling included a line of 80 metre spaced angled holes, to a depth of 160m, which was the depth capacity of the drill rig.

Two of the first three deeper holes on the first traverse of the Rossing South target intersected massive zones of uranium mineralisation. The Company advises that these results, of the first ever drilling of the Rossing South target, constitute a new discovery.

The first two holes intersected 40 metres @ 240 ppm U3O8, and 100 metres @ 265 ppm U3O8. Significantly, RBA001 and RBA002 ended in mineralisation, as the drill rig reached the limit of its drilling capability.