Proactive Investors - Run By Investors For Investors

Bannerman Resources defines satellite deposit potential in drilling at Etango Uranium Project

Further evaluation of the Ombepo prospect is warranted after extensive and continuous uranium mineralisation was confirmed.
Bannerman Resources defines satellite deposit potential in drilling at Etango Uranium Project
Aerial view of the Etango project

Bannerman Resources Limited (ASX:BMN) has completed reconnaissance drilling of the Ombepo and Rössingberg targets at its Etango Uranium Project in Namibia.

The results from Ombepo have indicated thick zones of Etango-style uranium mineralisation with the potential for higher-grade blocks, confirming the possibility for a satellite feed for Etango.

 

Drilling comprised eight reverse circulation (RC) holes for 973 metres, of which three at Ombepo intersected uranium mineralisation.

The best intersections include:

  • 2 metres at 452 ppm uranium from 70 metres and 13 metres at 203 ppm from 146 metres, including 2 metres at 401 ppm from 147 metres;

  • 19 metres at 203 ppm from 140 metres, including 5 metres at 372 ppm from 153 metres; and

  • 11 metres at 238 ppm from 153 metres.

READ: Bannerman Resources strengthens Etango development as uranium price set to recover

Bannerman chief executive officer Brandon Munro said the company was encouraged by the potential for resources at the Ombepo target, 7 kilometres from the proposed Etango primary crusher.

Munro said: “The reconnaissance program touched the edge of the target and showed broad zones of mineralisation of a similar tenor to Etango, albeit at slightly deeper levels.

“Particularly pleasing was the higher-grade sub-intervals which deserve further attention to see if these zones broaden.

“A satellite deposit could add mine life to the large-scale Etango deposit, while taking advantage of lower economic thresholds owing to proposed mine infrastructure.”

READ: Bannerman Resources highlights positive uranium industry outlook as it updates DFS

Both the Ombepo and Rössingberg targets are north of Etango’s main deposit and both have coincident radon anomalies and surface mineralisation.

Drilling at Ombepo aimed to test the down-dip continuation of uriniferous alaskite bodies identified at surface.

The objective of reconnaissance work at Rössingberg was ti test the strike extent of mineralisation intersected during Bannerman’s 2008 drilling program at the prospect.

All four drill holes at Rössingberg intersected less-mineralised alaskite bodies with grades mostly below 100 ppm.

READ: Bannerman Resources confident of 2019 uranium bull market amid spot price volatility

Bannerman’s 95%-owned Etango project is near Rio Tinto plc's (LON:RIO) Rössing Uranium mine, the Langer Heinrich Uranium Mine owned by Paladin Energy Ltd (ASX:PDN) and CGNPC’s Husab Uranium Mine.

A definitive feasibility study at Etango has confirmed the viability of a large open pit and heap leach operation with expected annual production of 7-9 million pounds of yellow cake for the first five years and 6-8 million pounds per year thereafter.

The company undertook a large-scale heap leach demonstration program between 2015 and 2017 to provide further assurance to financing parties, generate process information for the engineering design phase and enhance internal capability.

 

View full BMN profile View Profile

Bannerman Resources Ltd Timeline

Related Articles

1547726049_zinc-periodic-3.jpg
January 17 2019
Constantine Metals has a broad portfolio of assets in Alaska and Ontario
Chris Giles signs the Kalkaroo Native Title Mining Agreement
January 15 2019
Kalkaroo is Australia’s largest undeveloped open pit copper-gold deposit on a copper-equivalent basis.
Potash
March 05 2019
The company’s $5.3 million rights issue to fund completion of its DFS closes this week.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use