Territory Uranium intersects thick rare earth zone at Quantum Prospect
A 5 to 12 metre thick uranium-rare earth gold mineralised zone has been intersected using reverse circulation drilling by Territory Uranium (ASX: TUC) at the Quantum Prospect at Pine Creek, in the Northern Territory.
The intersect is in a major shear zone from 246m, with highlights including:
- TDD8, 5m @ 1.09% REE from 248m (excluding cerium and lanthanum, as more in-depth analysis in progress to identify economic viability);
In intra-day trade, shares are up 60% to $0.16.
Territory said assay results remain pending for diamond core in hole TDD8, where drilling has intersected several other similar looking sulphide rich zones, further down hole.
Significant transported uranium halos (including 5m @ 117ppm U3O8 from 105m) are noted in the cover sequence above the U-REE-Au intersection .
A further diamond hole (TDD9) has been completed to target favoured uranium host rocks in the shear beneath the U-REE-Au TDD8 intersection.
Territory added that drilling so far has confirmed the presence of a larger mineralised system with multi commodity potential.
This intersection confirms the presence of a newly interpreted mineralised fault zone located approximately 1.5km east of previously reported uranium, gold and base metal mineralisation (FEND10, 0.5m @ 4,244ppm U308 (0.42% U3O8 or 4.24kg/t U3O8) from 497.5m; 3.4m @ 4.84% Zn from 485.4m including 0.9m @ 15.6% Zn from 487m and 1.4m @ 0.07% Bi from 484m; announced in August 2010).
Last Modified Date : Monday, 11 July 2011