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Thursday, October 22, 2009
Bannerman Intersects New Mineralised Zone & Announces Further Resource Drilling Results
PERTH, AUSTRALIA--(Marketwire - Oct. 22, 2009) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) ("Bannerman" or the "Company") announces the intersection of a new mineralised zone named "Hyena" located 1km south of the primary Anomaly A prospect within its Etango Uranium Project in Namibia, southern Africa. In addition, Bannerman announces further encouraging infill resource definition drilling results within the Onkelo and Oshiveli Prospects at Etango. (Maps, supporting figures and tables with all drill results referenced in this release are available on the company website, www.bannermanresources.com)
The results reported in this news release reflect drilling completed since Bannerman's previous update on September 15, 2009. The identification of the mineralised zone at Hyena has occurred during the initial phases of exploration drilling to the south of the Anomaly A deposit.
-- Hyena - The newly discovered mineralised zone at Hyena contains
alaskite-hosted uranium mineralisation similar to the other Etango
Project deposits. To date, results have been returned from 42 RC
drillholes at Hyena with 20 of these drillholes intersecting significant
mineralisation. In particular, the intersections in drillholes GHYRC0007
and GHYRC0008 are shallow, broad and high grade. Highlights include:
------------- ------------ ----------------- ----------
From Depth Downhole Interval Grade
Drillhole No. (m downhole) (m) (ppm U3O8)
------------- ------------ ----------------- ----------
GARC0546 76 15 237
GARC0547 57 28 208
GHYRC0007 84 16 1,021
GHYRC0008 65 35 314
GHYRC0011 56 84 210
" 151 32 263
------------- ------------ ----------------- ----------
-- Onkelo - Results of the infill resource definition drilling program from
a further seven Diamond and 16 RC drillholes have confirmed the
near-surface broad zones of uranium mineralisation encountered in
previous drilling. The drilling has also largely filled the previously
undrilled gap between the Onkelo and Oshiveli Prospects. Highlights
include:
------------- ------------ ----------------- ----------
From Depth Downhole Interval Grade
Drillhole No. (m downhole) (m) (ppm U3O8)
------------- ------------ ----------------- ----------
GNKDD0001 150.6 13.0 300
GNKDD0003 21.8 10.8 243
GNKDD0004 From surface 83.3 236
including 72.0 11.3 616
GNKDD0005 141.3 13.5 304
" 161.6 31.2 385
GNKDD0007 From surface 18 231
GNKDD0008 26.6 44.9 270
" 152.0 39.3 299
GNKRC0078 5 15 381
GNKRC0080 21 65 231
GNKRC0082 38 31 331
including 38 13 561
GNKRC0087 110 16 435
GNKRC0090 From surface 16 324
" 82 14 296
GNKRC0092 14 77 356
------------- ------------ ----------------- ----------
-- Oshiveli - Results from one of the infill Diamond drillholes and a
further 18 of the infill RC drillholes, all of which intersected
significant mineralisation, include:
------------- ------------ ----------------- ----------
From Depth Downhole Interval Grade
Drillhole No. (m downhole) (m) (ppm U3O8)
------------- ------------ ----------------- ----------
GSHDD0003 82 8.8 1,218
" 158.0 35.7 334
GSHRC0123 74 38 227
GSHRC0126 48 17 242
GSHRC0127 194 38 325
GSHRC0128 232 17 294
" 257 49 227
" 312 40 337
GSHRC0130 190 14 280
GSHRC0131 217 12 275
GSHRC0133 40 32 255
" 129 39 266
" 184 10 477
" 218 10 463
GSHRC0134 30 11 366
" 129 45 225
" 181 14 254
GSHRC0136 216 37 373
" 277 52 361
GSHRC0138 76 24 540
GSHRC0139 88 21 381
GSHRC0140 27 21 223
" 99 32 308
including 117 12 579
GSHRC0141 14 24 639
including 16 10 1,215
GSHRC0142 5 14 265
" 53 20 213
" 88 18 348
------------- ------------ ----------------- ----------
Bannerman CEO Len Jubber said: "The identification of the mineralised zone at Hyena is an exciting addition to the Etango Uranium Project, being only 1km south of the Anomaly A resource. The proximity of Hyena to the existing resource indicates the potential for additional mineralisation to be incorporated into the Etango resource estimate. The infill drilling results at Onkelo and Oshiveli are also very encouraging, indicating further near-surface and higher grade mineralisation which could be incorporated into the mining plans."
"Bannerman is on target to report the preliminary feasibility study results over the coming months, and in the meantime continues to undertake resource definition, sterilisation and near-project exploration drilling programs."
Regulatory Disclosures:
Bannerman Resources Limited ("Bannerman") manages its drilling and assaying activities in accordance with industry standard quality assurance/quality control (QA/QC) procedures. Samples are collected by Bannerman personnel and prepared in accordance with specified procedures at the relevant assay laboratories. The primary assay laboratory is SGS in Johannesburg Laboratory site reviews are undertaken. Assay QA/QC involves the use of assay standards (sourced from African Mineral Standards (AMIS) in Johannesburg, made from Bannerman pulp rejects and cross-checked through umpire laboratories for which the round robin reports are available), field duplicates, blanks and barren quartz flushes. A third party "umpire" laboratory (Genalysis in Perth) is used to cross-check and validate approximately 5% of the assay results in accordance with standard procedures. Sample coarse rejects are retained and approximately 5% of samples are re-submitted for further assay verification. All sample pulps are retained at a storage facility in Johannesburg and half-core and rock-chip samples are retained at site.
The information in this release that relates to the exploration results of the projects owned by Bannerman Resources Ltd is based on information compiled by Mr Kieron Munro, Head of Geology of Bannerman and a full time consultant to the Company. Mr Munro is a Member of Australian Institute of Geoscientists, a Recognised Professional Organisation by the Australasian Joint Ore Reserves Committee, who has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify as Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and as a Qualified Person for purposes of National Instrument 43-101 of the Canadian Securities Administrators. Mr Munro consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.
The Company has not completed feasibility studies on its projects. Accordingly, there is no certainty that such projects will be economically successful. Mineral resources that are not ore reserves do not have demonstrated economic viability.
Certain disclosures in this report, including management's assessment of Bannerman Resources Ltd's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman's operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full descriptions of these risks can be found in the Company's various statutory reports, including its Annual Information Form available on the SEDAR website, www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman Resources Ltd expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
About Bannerman - Bannerman Resources Limited is an emerging uranium development company with interests in two properties in Namibia, a southern African country considered to be a premier uranium mining jurisdiction. Bannerman's principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto's Rossing uranium mine and to the west of Paladin Energy's Langer-Heinrich mine. Etango is one of the world's largest undeveloped uranium deposits. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango. More information is available on the Company's website at www.bannermanresources.com.
ABN 34 113 017 128
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FOR FURTHER INFORMATION PLEASE CONTACT:
Bannerman Resources Limited
Perth, Western Australia
Len Jubber
Chief Executive Officer
+61 (0)8 9381 1436
admin@bannermanresources.com.au
OR
Bannerman Resources Limited
Perth, Western Australia
Peter Kerr
Chief Financial Officer
+61 (0)8 9381 1436
OR
Bannerman Resources Limited
Toronto, Ontario, Canada
Ann Gibbs
Investor Relations
+1 416 388 7247
ann@bannermanresources.com
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- Associated File: http://www.bannermanresources.com/i/pdf/BMN_drilling_results_release-21_Oct_2009.pdf
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You can also view this News Release on our website at:
http://www.bannermanresources.com/s/NewsReleases.asp?ReportID=368269
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