High Grade Uranium Intercepts

RNS Number : 5953Y

Vane Minerals PLC

07 September 2009

 



7th September 2009

VANE Minerals Plc (AIM:VML)

('VANE' or the 'Company')

High Grade Uranium Intercepts, Wate Pipe, Arizona

Highlights:

• Hole WT-29A completed to 1595 feet intersecting two high-grade intervals

  • 42.0 ft of 0.58% eU3O8 

  • 26.5 ft of 1.50% eU3O8 

• Re-entry of Hole WT-25 underway

VANE Minerals Plc is pleased to announce results from the continued evaluation of historic drilling on the Wate breccia pipe located in northern Arizona. The project is within the VANE-Uranium One Exploration U.S.A. Inc. joint venture in which the Company's wholly-owned subsidiary, VANE Minerals (US) LLC, holds a 50% interest.

As part of the programme to produce an NI43-101 resource report on the WATE pipe, operations commenced in mid-August to verify mineralized zones indicated by the historical data in VANE's possession. The report will be compiled by SRK consulting and is expected to be completed by year end.

Hole WT-29 was re-entered but the old hole could not be followed past 960 feet where a new hole, WT-29A was started and completed to the depth of 1,595 feet. Operations have now commenced at WT-25 and will continue with the re-entry of additional holes and the drilling of new holes, if required. 

Two (2) high-grade intervals were identified when WT-29A was logged by independent geophysical logging contractors. The results tabled below verify the mineralized zones indicated in the historical data held by VANE:

INTERVAL (ft)	THICKNESS (ft)	GRADE eU3O8	CONTRACTOR
Upper Zone
1318.5-1361.0	42.5	0.55%	GLS
1321.0-1363.0	42.0	0.58%	CGC
Lower Zone
1498.5-1526.0	27.5	1.36%	GLS
1496.0-1522.5	26.5	1.50%	CGC

GLS = Geophysical Logging Services

CGC = Century Geophysical Corporation

Note: A cut-off grade of 0.10% eU₃O₈ was used in calculating the above intervals.

Additional results will be reported on as they become available. Previous significant drill intercepts at the Wate project were reported by the Company in the 2 February 2009 Press Release.

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Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc Geology, who meets the criteria of a qualified person under the AIM Rules - Guidance for Mining, Oil and Gas Companies, has reviewed and approved the technical information contained within this announcement.

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Steve Van Nort, VANE’s CEO commented: “These new results continue to elevate the importance of the Wate project. The combined intervals, giving a total of some 69 feet of high-grade mineralization with a weighted average of 0.90% eU₃O₈, continue to verify the presence of a significant high-grade uranium resource. We look forward to further results as the project advances”.  
 

For further information, please contact:

VANE Minerals Plc	[phone]
Matthew Idiens
Arbuthnot Securities	[phone]
John Prior
Threadneedle Communications	[phone]
Laurence Read/ Beth Harris

 

END

 

 

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