51m at 3.83lb/t (0.16%) U3O8 and 7.59lb/t (0.34%) V2O5
Grades up to 9.18lb/t (0.42%) U3O8 and 15.47lb/t (0.70%) V2O5 over metre intervals
Summit Resources Limited's ("Summit") Mount Isa Uranium Project expands with further drill results reported from the 100% owned Andersons deposit near Mount Isa.
Wide zones of high grade uranium mineralisation encountered in drill holes at Andersons include 51 metres at 3.83lb/t (0.16%) uranium oxide ("U3O8") and 7.59lb/t (0.34%) vanadium pentoxide ("V2O5").
Grades up to 9.18lb/t (0.42%) U3O8 and 15.47lb/t (0.70%) V2O5 over metre intervals are reported in Summit's latest drill holes.
High grade uranium vanadium mineralisation outcrops at Andersons and now consistent widths and high grades down to 300 metres depth have been encountered in Summit's drill holes into the mineralised system. The deposit remains open along strike and at depth.
Drill hole details and mineralised intersections in this report are as follows:
ANDERSONS Uranium Target
Andersons uranium deposit is located 15 kilometres east of Mount Isa city on EPM14047.
Summit has now drilled forty four diamond and eight RCP holes at Andersons totalling 9,270 metres of drilling. Assay results are reported for nine holes (ANDDH15 to ANDDH24).
Andersons Mineralised Intersections reported are:
HOLE DEPTH (M) METRES (M) ASSAY U3O8 ASSAY V2O5 COMMENTS ANDDH15 12 to 32 20 3.50lb/t (0.16%) 7.59lb/t (0.34%) Altered greywacke and conglomerate ANDDH15 42 to 65 23 1.46lb/t (0.07%) 5.82lb/t (0.26%) Altered greywacke and conglomerate ANDDH16 44 to 46 2 0.94lb/t (0.04%) 3.17lb/t (0.14%) Altered greywacke and conglomerate ANDDH16 74 to 76 2 0.67lb/t (0.03%) 5.69lb/t (0.26%) Altered greywacke and conglomerate ANDDH17 17 to 68 51 3.83lb/t (0.17%) 6.38lb/t (0.29%) Altered greywacke and conglomerate ANDDH18 46 to 64 18 4.07lb/t (0.19%) 4.55lb/t (0.21%) Altered greywacke and conglomerate ANDDH18 70 to 86 16 2.96lb/t (0.13%) 4.66lb/t (0.21%) Altered greywacke and conglomerate ANDDH18 95 to 100 5 1.95lb/t (0.09%) 4.36lb/t (0.20%) Altered greywacke and conglomerate ANDDH19 14 to 33 19 3.36lb/t (0.15%) 5.70lb/t (0.26%) Altered greywacke and conglomerate ANDDH19 46 to 51 5 1.96lb/t (0.09%) 5.51lb/t (0.25%) Altered greywacke and conglomerate ANDDH20 68 to 74 6 0.83lb/t (0.04%) 5.88lb/t (0.27%) Altered greywacke and conglomerate ANDDH21 70 to 79 9 1.24lb/t (0.06%) 4.86lb/t (0.22%) Altered greywacke and conglomerate ANDDH21 93 to 114 21 0.67lb/t (0.03%) 4.69lb/t (0.21%) Altered greywacke and conglomerate ANDDH22 111 to 149 38 3.83lb/t (0.17%) 8.30lb/t (0.38%) Altered greywacke and conglomerate ANDDH23 162 to 176 14 1.85lb/t (0.08%) 5.60lb/t (0.25%) Altered greywacke and conglomerate ANDDH23 181 to 191 10 0.58lb/t (0.08%) 3.53lb/t (0.25%) Altered greywacke and conglomerate ANDDH24 98 to 123 25 0.88lb/t (0.04%) 4.10lb/t (0.19%) Altered greywacke and conglomerate
Cut grade for reported intersections is 112ppmU3O8 (0.25lb/t or 0.011%) with internal dilution up to 4 metres of <112ppmU3O8.
These reported drilling results are consistent with previous drilling of the deposit. All holes intersected uranium mineralised sediments and conglomerate with mineralised sections ranging from 2 to 51 metres down hole.
SUMMARY
Drilling is ongoing with two drill rigs operating around the clock for Summit in the Mount Isa area.
Summit's drilling at Andersons has confirmed previous drilling on the deposit and a resource estimate is now being modelled, calculated and independently audited for the deposit. This JORC compliant resource estimate for Andersons will be calculated and released on receipt of the assays for holes ANDDH1 to ANDDH30. We have today been advised the assays for the remaining 6 holes will be reported in the next 10 days.
Further holes are being drilled, or are planned for, Summit's Valhalla, Andersons, Skal, Bikini, Mirrioola and Watta uranium deposits and prospects at Mount Isa. The objective is to have sufficient density of drilling in each deposit to enable resource estimates to be calculated.
The Western, Mixabe, Tjilpa, Red Alpha, Warwai, Rich John and Drum uranium targets will also be drilled when rigs become available.
The uranium vanadium mineralisation in Summit's Mount Isa uranium deposits and targets drilled to date is hosted in iron oxide copper gold ("IOCG") hematite altered sediments and felspar breccias. A common metallurgical treatment process to recover the uranium, vanadium and copper metals present in all Summit's Mount Isa uranium deposits is being developed. Metallurgical testwork is now underway to establish a standard metal recovery process for all deposits.
Deposit and prospect locations and details of the holes drilled and reported for Andersons are shown on the attached map and table.
Uranium oxide spot price is now US$90 a pound.
SMM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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