Peninsula Energy (ASX: PEN) is set to begin drilling at the highly prospective Site 45, part of the Karoo Uranium Projects, in South Africa after receiving the necessary approvals from the Department of Mineral Resources.
Drilling is aiming to confirm historic mineralisation of 4.8 million pounds of uranium and test the exploration potential at Site 45.
The historic work returned a grade in excess of 700 parts per million of uranium in two sandstone units contained within the Davidskolk Member, including maximum values of 4,210 parts per million uranium and 1,372 parts per million molybdenum.
This near surface mineralisation occurs in broad, stacked paleochannels with an apparent northwest to southwest trend.
Importantly, this drilling is anticipated to lead to the definition of a maiden JORC Resource.
Gus Simpson, executive chairman, said, “Site 45 has significant historic mineralisation and following on from the success of the drill programs at Site 22 and 29, successful confirmation drilling at Site 45 will expedite the calculation of the maiden JORC-compliant estimate for the Karoo.”
Site 45
Site 45 comprises a contiguous area of 489 square kilometres. An initial non-invasive exploration program undertaken by Peninsula in December last year returned intersections exceeding 200 parts per million.
Notable assays included 2.8 metres (9.2 feet) at 1,095 parts per million uranium from 13.8 metres (45.4 feet) and 2.3 metres (7.7 feet) at 592 parts per million from 14.4 metres (47.4 feet).
Karoo exploration potential
Preliminary geological studies have estimated a combined exploration potential of 30 to 60 million tonnes at 700 to 1,400 parts per million for 90 to 150 million pounds of uranium for Karoo.
Peninsula is targeting the delineation of 30 million pounds of uranium over the next 12 months.
The company has prioritised 10 high ranking drill targets across all six of its project areas.