OVERVIEW
ASX RELEASE
21 December 2015
UraniumSA Limited ("UraniumSA")
ASX Code: USA
ABN 48 119 978 013
Ground Floor
28 Greenhill Road
WAYVILLE SA 5034
Phone +61 8 8132 0577
Fax +61 8 8132 0766
www.uraniumsa.com.au [email protected]
$300,000 FUNDING FACILITY
Drawdown $100,000
UraniumSA advises that it has today received $100,000, a drawdown under the $300,000 secured convertible debt facility ("Facility") announced to the ASX on 30April 2015.
Facility conditions are as detailed in the 30 April 2015 ASX release.
$100,000 remains undrawn.
BOARD OF DIRECTORS
Alice McCleary Chairman Martin Janes Director Russel Bluck Director & Geoscience Manager
David Paterson Director & Acting CEO
PROJECTS
South Australia
Samphire ELs 4979, 5426 (JV)
Murninnie EL 5440
Wild Horse Plains EL 4693 Muckanippie EL 4694
ISSUED CAPITAL
21 December 2015
Shares on Issue: 185,171,038 Quoted shares: 185,171,038 Unlisted Options:14,650,000
INVESTOR INQUIRIES
[email protected]
21 December 2015
Inquiries regarding this report and company business may be directed to:
David Paterson - Acting CEO
+61 8 8132 0577
+61 417 823 654
VISIT OUR WEBSITE
www.uraniumsa.com.au
About UraniumSA Limited
UraniumSA is an Adelaide based explorer specialising in uranium mineralisation within a substantial portfolio of properties in South Australia's Gawler Craton.
The Company has discovered sediment hosted uranium mineralisation within Exploration Licence 4979, Samphire, which is located 20km south of the industrial city of Whyalla on the eastern Eyre Peninsula in South Australia. The exploration Licence is owned and operated by Samphire Uranium Pty Ltd, a wholly owned subsidiary of UraniumSA Limited.
The Samphire project contains the:
Blackbush deposit with an estimated inferred resource 64.5 million tonnes of mineralisation at a bulk grade of 230ppm containing 14,850 tonnes U3O8 at a 100ppm eU3O8 cut-off grade (JORC 2012).
Plumbush deposit with an estimated inferred resource 21.8 million tonnes of mineralisation at a bulk grade of 292ppm containing 6,300 tonnes U3O8 at a 100ppm eU3O8 cut-off grade (JORC 2004).
The estimated mineralisation is predominantly sediment hosted in Eocene age Kanaka Beds. Exploration has discovered uranium mineralisation in other geological settings and exploration is continuing.
An evaluation of mining methods to optimise the recovery of uranium from the identified resources of mineralisation is in progress. Application has been made for a Retention Lease for an in-situ recovery field trial at the Blackbush deposit. Consideration of open cut options for the sediment-hosted and granite basement hosted uranium mineralisation is underway.
Through its own tenure and by joint venture UraniumSA has exploration control over what it considers the most prospective portions of the Pirie Basin. The Board has continued its diversification of UraniumSA's exploration efforts into commodities and opportunities other than uranium. Work on the Blackbush deposit within the Samphire project will continue at a rate which reflects the current global uranium market, production opportunities and investor sentiment.
David Paterson
Acting Chief Executive Officer UraniumSA Limited
The exploration results mineral resources reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr Russel Bluck a Director of UraniumSA Limited and Member of the Australian Institute of Geoscientists with sufficient experience relevant to the style of mineralisation and type of deposits being considered, and to the activity which is reported to qualify as a Competent Person as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Bluck consents to the inclusion in the report of matters based on his information in the form and context in which it appears. It should be noted that the abovementioned exploration results are preliminary.