ASX Announcement
17 June 2008
FIRST ASSAY RESULTS CONFIRM MULGA ROCK STRATEGY
Energy and Minerals Australia Limited (ASX:EMA) is pleased to announce that the first assay results from drilling at its flagship Mulga Rock Deposits Project (MRD) confirm high grade uranium and base metal intersections.
EMA, which successfully listed on the ASX in May, completed a six hole drilling program in the first quarter of 2008. The objectives of this programme were to confirm procedures for future drilling (due to start shortly), validate past exploration results and progress quantification of a uranium resource.
Best intersections from the first hole include:
Hole ID | From (m below collar) | To (m below collar) | Width (m) | Uranium ppm | U3O8 ppm | Nickel ppm | Cobalt ppm | Copper ppm | Zinc ppm | AS 2005 | 49.2 | 54.5 | 5.3 | 1,723 | 2,031 | 4,126 | 1,642 | 2,784 | 4,159 | Including | 49.8 | 50.0 | 0.2 | 7,520 | 8,866 | 10,118 | 4,177 | 9,054 | 16,409 | And | 51.0 | 51.2 | 0.2 | 9,227 | 10,878 | 5,323 | 1,123 | 115 | 4,070 |
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Please note that the MRD are generally horizontal, so all widths are considered to be true widths. The samples were assayed for Uranium and other elements by mixed acid digest and ICP. U has been converted to U3O8 by adding 17.9% to the U assay. Please note that all widths and averages have been rounded to one decimal place. It should not be construed that the above thickness and grade are typical for the Ambassador deposit. Drilling was completed using the Sonic method.
The outstanding uranium results from this first hole present similar results to an adjacent historic drill hole (CD 1258) (results below):
Hole ID | From (m below collar) | To (m below collar) | Width (m) | Uranium ppm | U3O8 ppm | Nickel ppm | Cobalt ppm | Copper ppm | Zinc ppm | CD 1258 | 49.8 | 55.7 | 5.9 | 1,786 | 2,106 | NR | NR | NR | NR |
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NR = Not Recorded
EMA Managing Director Chris Davis said ?Our priorities are to confirm to JORC Code standard the existing MRD uranium deposits, and quantify the base metal targets.?
EMA is pleased to note a significant base metal intersection between 49.2m and 50.2m. It demonstrates the multi element potential of the MRD, that was not identified in historic exploration.
This intersection includes the following assays:
? 1.0m @ 1.0% nickel,
? 1.0m @ 0.4% cobalt,
? 1.0m @ 0.9% copper, and
? 0.8m @ 1.1% zinc.
The results from the first hole have confirmed the assay procedures, and assays for the remaining five holes are now being progressed. Results will be announced as they become available.
The full assay report for hole AS 2005 is included as Table 1.
Chris Davis
Managing Director
17 June 2008
About Energy and Minerals Australia Limited
Energy and Minerals Australia (ASX:EMA) is a Perth-based resource development company. EMA?s primary focus is the development of the Mulga Rock Deposits, 250km north-east of Kalgoorlie in WA. Mulga Rock is home to a world class uranium deposit, and holds great promise for a diverse range of metals, including nickel, cobalt and gold. The Mulga Rocks Deposits were discovered by the Japanese Government company PNC Exploration in the early 1980?s.
The project offers the advantage of established access to infrastructure such as an airstrip, 1000km of roads and cleared grid lines along with a large water resource.
The EMA package also includes the nearby project areas ? Gunbarrel and Minigwal ? which combined cover more than 2000km2 of prospective area to provide a large and consolidated landholding in a highly prospective region. The company has an experienced Board and Management team, which includes strong geological experience in the eastern Goldfields region.
Location of EMA projects: Location of Mulga Rock Deposits:
Location of AS2005 within the Ambassador deposit:
The information in this announcement that relates to Exploration Results is based on information compiled by Michael Fewster, who is a Member of the Australian Institute of Geoscientists. Mr Fewster is an executive director and a substantial shareholder of the Company. Mr Fewster has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the JORC ?Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Fewster consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears.
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