Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • Mindax Provides Update On Uranium Project In The Yilgarn Avon Region Of WA 0 comments
    Feb 13, 2014 1:18 AM

    Mindax (ASX:MDX) has undertaken a detailed review of its uranium project situated in the Yilgarn Avon region of Western Australia following the 2013 drill programme.

    The uranium project is in a Joint Venture with Quasar Resources Pty Ltd in which Mindax holds 80.8% of the JV and Quasar 19.2%.

    There are currently three project areas: Quairading, Kellerberrin and Mukinbudin.

    Future exploration work will focus exclusively on the substantial and highly prospective Mukinbudin project area.

    Previous exploration drilling had identified a promising JORC resource of 3.2 million pounds of U3O8 at 0.02% Inferred using a 100 ppm U3O8 cut-off at Mukinbudin.

    Further drilling was undertaken in 2013 in all three project areas and in particular this work confirmed the highly prospective palaeochannel of the Mukinbudin project area.

    A further three prospective targets were identified adjacent to the Yandegin and Jindarra prospects.

    The Mukinbudin project comprises ten tenements covering 917km2 hosting over 140 strike kilometres of potential uranium mineralised palaeochannel and is considered extremely prospective.

    The planned changes will reduce Mindax's expenditure commitments in terms of rents and exploration programmes for the uranium project and enable funds to be focussed on the highly prospective Mukinbudin project area.

    Dr Steve Ward Mindax's managing director and chief executive officer commented: "These changes are a logical progression for this exploration project which has identified some very encouraging results for the Mukinbudin Project area.

    We will now focus valuable shareholders' funds into advancing our work at the Mukinbudin project area which is substantial in scale and highly prospective".

    All five tenements for Quairading and Kellerberrin will be relinquished to rationalise and streamline overall tenement holding.

    JV partner Quasar has supported the changes and future approach.

    A non-cash write-off of capitalised exploration and evaluation expenditure of approximately $1.1M will be incurred in the financial statements for the half year ended 31 December 2013 as a result of the tenement relinquishments

    Previous exploration drilling had identified a resource of 3.2 million pounds or U3O8 at 0.02% Inferred using a 100 ppm [0.01%] U3O8 cut-off) in the Mukinbudin project area.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.