MHL 0.00% 0.3¢ monitor energy limited

jv partner raisama limited (rai) trading halt

  1. 1,158 Posts.
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    Gone into trading halt. Looks like more news out of here.
    We could have multiply news announcements shortly on a couple of fronts.
    -------------------------------------------------
    This what it could be about.
    14/10/11 Drilling to Recommence at Kashkasu II.
    Highlights:
    ? A new diamond drill programme to start at Kashkasu II this week
    ? Three targets to be tested following up encouraging field trenching results
    ? New drilling has the potential to significantly increase the known strike length of the mineralisation
    The Directors of Raisama Limited (?Raisama?) (ASX:RAI) and joint venture partner Monitor Energy Limited (ASX:MHL) are pleased to announce that drilling will recommence this week at Raisama?s Kashkasu II project in the Kyrgyz Republic. Three targets, north-west of the currently known mineralisation, will be drill tested. The new targets have been generated through Raisama?s recent field trenching and mapping programme which returned values of up to 4,020 ppm U3O8 (see RAI ASX announcement 6th September, 2010). Drill samples will be submitted for chemical assay on a weekly basis. The new drilling program is designed to follow up earlier drilling results which indicated the presence of multiple, high-grade, zones of coal and sandstone hosted uranium mineralisation within a broad area with a known strike extent of more than 1,100 metres. The proposed drilling has the potential to significantly increase the strike length of the mineralisation. Previous high grade intercepts, to the south of the planned program, have returned results including 2m @ 1,651ppm and 2m @ 1,521ppm U3O8 (see RAI ASX announcements 27th January 2010 and 6th August 2010). The local stratigraphy is interpreted to be a series of Jurassic sandstones, siltstones and coal bearing beds forming part of the northern limb of a regional syncline. Raisama owns 75% of the Kashkasu II project with Monitor Energy Limited holding a 22.5% interest. The Kashkasu II project consists of two licences covering an area of approximately 50km2. Uranium was mined and processed from 1950-1961 to the east of the current licence area.Cheers Hillbilly
 
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