Peko uranium reserves

Press, Volume CXII, Issue 32892, 15 April 1972, Page 19

Peko uranium reserves

(N.Z.P.A.-Reuter—Copyright) SYDNE Y, April 13. The directors of Peko Wallsend, Ltd, report that further diamond drilling’ at Ranger One (the company’s Northern Territory uranium prospect) is revealing greater uranium oxide resources.

The blocked out ore currently amounts to about 10,687,000 metric tons at 0.379 per cent uranium oxide. An additional 4,569,000 metric tons of ore has been defined in less detail. This, combined with blocked out ore, gives a total geological resource within a cut-off grade of 0.068 per cent uranium oxide of 15,256,000 metric tons at 0.338 per cent uranium oxide. Hie area of pattern drilling is currently being extended. The directors say that the geological resource is that ore confined to boundaries limited by a cut-off grade without regard to factors dictated by mining considerations. Diamond drilling on the No. 3 orebody commenced in October, 1971 and directors say that no revision of the estimate of 31,000 metric tons of contained uranium oxide based on earlier percussion drilling is currently possible.

However, four of the first line of five diamond drill holes, across the centre of the orebody at 100 metres spacing, intersected ore. The Ranger One prospect is a 50-50 joint venture between Peko Mines NL, a subsidiary of Peko Wallsend Ltd., anc! Electrolytic Zinc Company of Australasia Ltd., subsidiary of E.Z. Industries, Ltd.