Peninsula Energy (ASX: PEN) continues to unlock new potential at the historic Site 22, part of the Karoo Project in South Africa.
The latest hits confirm widespread high grade uranium and associated molybdenum over the entire historic drilling site.
The latest highlights include:
- 1.5 metres at 4,022 parts per million (ppm) U3O8 and 1,313 ppm molybdenum from 62 metres;
- 0.5 metres at 6,170 ppm U3O8 and 6,160ppm molybdenum from 70 metres;
- 7 metres at 1,849 ppm U3O8 and 1,081ppm molybdenum from 85 metres;
- 6 metres at 804 ppm U3O8 and 465ppm molybdenum from 19 metres;
- 1.5 metres at 1,251 ppm U3O8 and 2,548ppm molybdenum from 48 metres; and
- 0.5 metres at 2,594 ppm U3O8 and 490ppm molybdenum from 8 metres.
These high grade results follow on from the outstanding initial results reported in May 2011, after which the company expanded the reverse circulation drilling program to encompass the entire historic drilling area.
The latest results validate this decision.
In addition to recording the presence of high grade molybdenum, the assay results also validate the very high grade uranium reported from the down-hole gamma logging program.
The drilling program at Site 22 earlier in the year initially targeted the relogging of the historic JCI boreholes.
In conjunction with the relogging Peninsula began a program of reverse circulation drilling designed to provide samples for uranium and molybdenum geochemical analysis and to establish the correlation between uranium and molybdenum.
Historic reports suggest a high ratio of molybdenum to uranium within these areas of the Karoo.
To date a total of 159 historic drillholes and 188 newly-drilled reverse circulation holes have been logged at Site 22, with the comprehensive program producing a total of 272 intersections that exceed 200ppm eU3O8.
The Karoo region is highly prospective and is located around 400 kilometres from Cape Town, with the Karoo Basin known as a uranium and molybdenum mineralised province, and is host to several historically defined ore bodies.
These include Ryst Kuil containing around 40 million pounds of U3O8, and Riet Kuil reported to contain around 10 million pounds of U3O8.