ASX Announcement
10 July 2007
JACKSON ACQUIRES HIGHLY PROSPECTIVE URANIUM PROJECT IN
ARGENTINA
Highlights:
• Jackson secures Option for 92.5% of Argentinean uranium project.
• Company has traced uranium mineralisation at surface for 16km
• Four areas of historical Government workings showing between 300 and 3000
ppm U308 over widths of up to 10.7m.
• Recent sampling has produced results up to 2451 ppm U3O8, which supports
historical bulk sampling (2,900 ppm U3O8).
• Argentina has been a nett importer of uranium since 1999 and has an internal
market for the product.
• First-ever drilling programme planned for October 2007.
Australian mineral exploration company Jackson Gold Limited ("Jackson" or the
"Company") (ASX: JAK) , through its wholly owned subsidiary Jackson Global Limited, has
signed an exclusive option agreement with a private party (Dr Horacio Solis), to earn 92.5
percent in the highly prospective Rio Colorado uranium project in Argentina.
Jackson will earn an initial 51 percent in the project by completing a minimum work
programme, including 3000 metres of drilling. Subsequent to the initial interest, the
company can earn 92.5 percent of the project by completing exploration expenditure of
$500,000 within three years.
The uranium project covers an area of 762km² and has extensive outcrops of defined hardrock
mineralisation and large untested radiometric uranium anomalies in adjacent covered
areas and granite basement.
Mineralised sediments at the project extends for 16km with surface sampling and mapping
of intermittent outcrops indicating widths of between 10 and 20 metres. Where sampled,
these sediments include better zones of between 300 and 3,000 ppm U308 over widths of
up to 10.7 metres.
Adjacent to these high-grade areas the background anomalism averages 90 ppm U308.
Jackson Gold’s new Managing Director Brett Smith said the acquisition of the Argentinean
uranium project was part of the company’s ongoing review of global resource opportunities
following the recent $7m sale of its +500,000 ounce Wallbrook gold resources asset.
“We are delighted to secure such a highly prospective uranium project in Argentina, a
country which has favourable legislation that deals with uranium exploration, mining and
processing as well as a mature and growing uranium power generation industry,” Mr Smith
said.
“Importantly for Jackson, Argentina has been a nett importer of uranium since 1999 and
has an internal market for the product.”
Level 2, 41-43 Ord Street West Perth WA 6005 PO Box 1916 West Perth WA 6872
Ph 08 9211 5777 Fax 08 9211 5700 [email protected] www.jacksongold.com.au
ABN 44 099 574 991
“In Argentina costs are substantially lower, plus human and infrastructure resources are
more available than presently seen in Australia. This is encouraging for the development
of our newly acquired project and other opportunities we are currently reviewing in the
country.
“Our due diligence has confirmed historical measurements that show at least four
outcropping target areas with hundreds of metres of strike length. We now plan to
undertake an aggressive surface sampling and mapping programme before drilling in
October to unlock the uranium potential of the project.”
The Rio Colorado Project in Argentina, combined with the Company’s 100 percent owned
copper-gold-uranium Boolaloo Project in the Pilbara of Western Australia and a 22 percent
holding of un-listed Central-Asian uranium-copper-gold explorer Leopard Minerals Plc,
offers shareholders excellent exposure to exploration success for these metals.
Jackson will continue to investigate other potential uranium, copper and precious metal
opportunities in Australia and Argentina.
Argentinean Project Generation
The Company has been reviewing Australian and international project opportunities for the
last six months in anticipation of the sale of the key Wallbrook gold resources. Argentina
has emerged as one preferred country for exploration due to:-
• The Government legislation and tax regime provides an attractive and
incentivised environment for foreign investment in mining and exploration.
• Mineral Tenure rights are secure rights in Argentina, and the likelihood of
expropriation is considered low.
• The country has existing world-class mines and good potential for new
discoveries.
• In Argentina there is good availability of skilled personnel for exploration, mining
and project development. Generally costs are substantially lower and
resources more available than presently seen in Australia.
With respect to Uranium:-
• Argentina has favourable and responsible legislation that deals with uranium
exploration, mining and processing.
• Argentina has a mature and growing uranium power generation industry with
existing requirements internally for uranium. The Government maintains a first
right to purchase uranium products from mining, at international market prices.
• The country has real potential for the discovery and mining of economic
uranium deposits.
For further information please contact:
Brett Smith, Managing Director John Williams
Jackson Gold Limited Professional Public Relations
Ph: 08 9211 5777 Ph: 08 9388 0944 / 0412 422 636
Brief background information on the Rio Colorado Project is presented below.
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JAK
jackson minerals limited
