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Mindax May Have Discovered New Uranium Province At Mukinbudin

Mindax (ASX: MDX) has confirmed three high grade uranium anomalies of more than 100ppm uranium at its Mukinbudin Project in Western Australia which may have found a new uranium province.

The detailed analysis of previous drill results returned high grade uranium assays from multiple drill holes on adjacent 1 kilometre to 3 kilometre spaced drill lines, confirming the potential for each location to host a uranium deposit.

Best results from the 340 one metre assays selected for re-assay included 882ppm and 406ppm uranium. Twelve other samples also returned uranium grades of more than 100ppm.

"The latest results are very encouraging. They reinforce the prospectivity and potential of our Mukinbudin Project. We are pleased with the outcome of our early 2013 drill program and will now develop our future plans," managing director Dr Steve Ward said.

Mindax's 2013 first pass scout drilling program at Mukinbudin had returned 87 composite samples with anomalous uranium grades of greater than 25ppm.

The company then collected and submitted 340 one metre samples for re-assay, which resulted in the confirmation of the new high grade anomalies.

These add to the existing Yandegin and Jindarra Prospects, giving a current total of five excellent targets.

Mukinbduin, located about 300 kilometres east of Perth, has the potential to host several more prospects and planning for future work is now in progress. This will focus on targeting new prospects and upgrading the existing reported resource.

It makes up the northern portion of the Yilgarn-Avon Joint Venture group of tenements with Quasar Resources Limited and has an Inferred Resource of 3.2 million pounds of U3O8.

At the end of the March 2013 quarter, Mindax had around $4.6 million in cash.

In all, a very promising development for Mindax, providing options for consideration.

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