Media Release
26 March 2008
Atom Energy announces a first JORC resource at
Cleo’s uranium deposit
Uranium explorer Atom Energy Ltd (ASX: AXY) has an Inferred uranium resource under the JORC Code for its Cleo’s uranium deposit in the Pine Creek region of the Northern Territory.
Resource Consultants Coffey Mining estimate a total resource of 1.409 million tonnes grading 304 ppm U
308 from an initial drilling programme by Atom Energy in the 2007 field season.
The Resource is based on a 100 ppm lower cut-off grade and is based on drilling on the Dam prospect (585,000t @ 286 ppm U
308) and the Twin prospect (824,000t @ 316 ppm U308).
The Resource is limited to drilling to a vertical depth of 60 metres, whereas historic exploration by Total Mining on the prospect in the early 1980s identified a non-JORC compliant estimate of 600,000t grading 1,200 ppm
U
308 down to a depth of approximately 120m, using a lower cut-off of 300 ppm.
The assessment by Coffey Mining discounted some narrow high grade zones encountered by the 1980s explorer.
Atom Energy’s managing director, David Hamlyn said the new uranium Resource, which has been classified in accordance with the JORC Code, has been defined at relatively shallower depths and demonstrates potential for additional
tonnage increases with further deeper infill and extension drilling.
Some of Atom’s detailed drilling intercepts included 23m @ 749 ppm U
308 from 30m depth; 10m @ 1,490 ppm
U308 from 32m at Dam and 9m @ 2004 ppm U308 from 23m and 16m @
802 ppm U308 from 25m at Dam.
Download the full media release by clicking
this link.
Further Information:
David Hamlyn
Managing Director
(08) 9202 1219
0417 915 548
Or visit:
www.atomenergy.com.au
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Atom Energy is a gold and uranium exploration company based in Australia. Atom Energy is listed in Australia. Its market capitalisation is AU$ 7.7 millions as of today (US$ 7.8 millions, € 6.5 millions). Its stock quote reached its highest recent level on June 29, 2007 at AU$ 0.76, and its lowest recent point on May 15, 2009 at AU$ 0.02. Atom Energy has 208 139 642 shares outstanding. |