Extract Resources announces chemical assay results confirm high grade uranium mineralisation at Rossing South



    SOUTH PERTH, Western Australia, June 10 /CNW/ - Extract Resources ("the
Company"), (TSX:EXT;ASX:EXT), a Uranium exploration company with projects in
Namibia, Africa, today announced that recently received chemical assay results
confirm high grade uranium mineralisation at Rossing South.
    Further chemical assay results have now been received from holes drilled
on the discovery section, 7506000 North, which are in addition to the
previously reported 100m @ 265 ppm and 40m @ 240 ppm U3O8. These results
confirm that high grade uranium mineralisation is present in the alaskites
beneath the Namib Desert sands.
    The chemical assay and down hole spectrometer grade information received
thus far indicates that the Rossing South alaskites have comparable grades
(~300 ppm U3O8) to Rio Tinto's Rossing Mine. The assay results available from
section 7506000 North are indicating multiple mineralised zones that bulk out
to a true width of approximately 150 metres grading (on average) 300 ppm U3O8.
Many of the individual mineralised zones are grading well in excess of this,
with some notable high grade domains.
    Standout chemical assay intersections, not previously reported include:

    
    -------------------------------------------------------------------------
    Hole ID                 From               To          Mineralised zones
                             (m)               (m)                     (U3O8)
    -------------------------------------------------------------------------
    RDD002                   171               320       149m @   474 ppm
    -------------------------------------------------------------------------
             including       171               188        17m @ 1,899 ppm
    -------------------------------------------------------------------------
    and also including       260               281        21m @ 1,368 ppm
    -------------------------------------------------------------------------
    RRC004A                  103               247       144m @   143 ppm
    -------------------------------------------------------------------------
             including       147               165        18m @   353 ppm
    -------------------------------------------------------------------------
    and also including       180               192        12m @   362 ppm
    -------------------------------------------------------------------------
                             277               282         5m @ 1,038 ppm
    -------------------------------------------------------------------------
    

    No results from diamond core hole RDD002 have been previously released as
the hole became blocked after drilling was completed; this prevented the
downhole spectrometer crew from surveying this hole.
    Of note is that RC hole RRC004A ended in high grade mineralisation, from
277 to 282m, 5m @ 1,038 ppm U3O8.
    Significantly, hand held spectrometer readings taken from the one metre
bulk RC samples indicate that broad zones of uranium mineralisation continue
to be intersected within uraniferous alaskite. As previously reported,
considerable uranium mineralisation has been returned from every drill
traverse tested to date. The mineralisation remains open along strike to the
north and south, and at depth.
    Peter McIntyre, Managing Director of Extract Resources, said today "These
chemical assays continue to confirm the Rossing South discovery. We will soon
commence closing the drill hole line spacing down to 100 metres with holes on
80 metre centres around the northern most sections of Rossing South. This is
expected to demonstrate geological and grade continuity of the main zones of
uranium mineralisation identified thus far."
    He said, "Exploration on the remaining 10 kilometre Rossing South target
area remains to be completed. Based on the exceptional results from
exploration completed to date, the Company considers that there is a very high
probability of additional exploration success."

    About Extract

    Extract Resources is an Australian-based uranium exploration company
whose primary focus is in the African nation of Namibia. The Company's
principal asset is its 100%-owned Husab Uranium Project which contains three
known uranium targets: Ida Dome; Hildenhof; and Rossing South. Rossing South
represents the Company's first new discovery in this area Extract is listed on
the ASX and the TSX under the ticker symbol "EXT". For more information on
Extract visit www.extractresources.com

    The information in this report that relates to Exploration Results,
Mineral Resources or Ore Reserves is based on information compiled by Mr
Martin Spivey, who is a Member of The Australasian Institute of Mining and
Metallurgy and Mr Andrew Penkethman who is a Member of the Australian
Institute of Geoscientists. Mr Spivey and Mr Penkethman are both full time
employees of the Company. Mr Spivey and Mr Penkethman have sufficient
experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which they are 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 Spivey and Mr Penkethman consent to the inclusion in this
report of the matters based on their information in the form and context in
which it appears.
    Chemical assay results refers to analyses on RC chips and NQ drill core
by Genalysis Laboratory Services, Perth. Uranium assays were carried out by
Four Acid Digest/MS (Method AT/MS). Genalysis are an independent quality
assured laboratory operating under ISO/IEC 17025. Reference to hand held
spectrometer refers to use of a Company owned Exploranium, GR-135 Plus, hand
held spectrometer.

    To view Appendix 1 and Appendix 2, Husab Project - Rossing South Prospect
    please visit:
    http://files.newswire.ca/476/ExtractAppendix12.pdf

    APPENDIX 3:

    TABLE OF NEW RESULTS

    Husab Project - Rossing South Prospect: RC drilling down hole
spectrometer results. Uranium intersections greater than 0.1 kg/t (100 ppm)
U3O8 over drill hole intersection widths of not less than 2 metres down hole
width:

    
    -------------------------------------------------------------------------
    Hole_id  Northing Easting Azi_True   Dip  From   To  Width  Grade  Grade
                  UTM     UTM     (deg) (deg)  (m)   (m)  (m)   (kg/t  (lb/t
                WGS84     WGS                                    U3O8)  U3O8)
                  33S  84 33S
    -------------------------------------------------------------------------
    RDD002    7506000  506480      270   -60   118   120     2  0.185  0.408
    -------------------------------------------------------------------------
                                               171   320   149  0.474  1.044
    -------------------------------------------------------------------------
            Including                          171   188    17  1.899  4.188
    -------------------------------------------------------------------------
            Including                          205   216    11  0.547  1.206
    -------------------------------------------------------------------------
            Including                          260   281    21  1.368  3.016
    -------------------------------------------------------------------------
            Including                          306   320    14  0.105  0.232
    -------------------------------------------------------------------------
    RRC004A   7506000  506400      270   -60   103   247   144  0.143  0.315
    -------------------------------------------------------------------------
            Including                          103   108     5  0.155  0.341
    -------------------------------------------------------------------------
            Including                          116   123     7  0.301  0.664
    -------------------------------------------------------------------------
            Including                          131   134     3  0.251  0.553
    -------------------------------------------------------------------------
            Including                          147   165    18  0.353  0.778
    -------------------------------------------------------------------------
            Including                          180   192    12  0.362  0.798
    -------------------------------------------------------------------------
            Including                          201   203     2  0.167  0.369
    -------------------------------------------------------------------------
            Including                          218   221     3  0.300  0.661
    -------------------------------------------------------------------------
            Including                          245   247     2  0.254  0.560
    -------------------------------------------------------------------------
                                               277   282     5  1.038  2.289
    -------------------------------------------------------------------------

    Notes:
    -   Analyses on RC chips and NQ drill core by Genalysis Laboratory
        Services, Perth. Uranium assays were carried out by Four Acid
        Digest/MS (Method AT/MS).
    -   Metal values (U) have been converted to oxide values (U3O8) using a
        factor of 1.179, and expressed as kg/t U3O8. Note that 100 ppm U3O8
        is equivalent to 0.1 kg/t U3O8, which is 0.01% U3O8.
    -   Assays expressed as kg/t U3O8 have been converted to lb/ tonne by
        multiplying by 2.2046.
    -   Intersection widths are estimated to be approximately true width.
    





For further information:

For further information: Peter McIntyre, Managing Director; Richard
Henning, Investor Relations, rhenning@extractresources.com

Organization Profile

EXTRACT RESOURCES

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890