Business
Resource Statement
Resource Statement.
About this update from Uru Metals Limited
[{"type":"text","content":"\n RNS Number : 1897C Niger Uranium Limited 28 August 2008 \n \nFor immediate release\n28 August 2008\nNIGER URANIUM LIMITED\n('Niger Uranium' or 'the Company')\n\nResource Statement\n\nThe Board of Niger Uranium is pleased to announce its maiden resource statement for the Company's IN GALL Target on the IN GALL Property in Niger.\n\nHighlights\n\n· Niger Uranium is pleased to announce a SAMREC compliant Inferred Resource of 4.39 million lbs eU3O8 at the In Gall target on the company’s 100% owned In Gall license.\n \n· This maiden resource estimate of 14.06 million tonnes at an average grade of 141.5 ppm eU3O8 using a 100 ppm cut-off (containing 4.39 Mlbs eU3O8) was completed by MSA Geoservices of Johannesburg, based upon 2,664.7 metres of drilling in 58 boreholes drilled on a 250 by 500 metre grid.\n \n· The mineralisation is open; the host-formation has been followed westwards by Niger Uranium for 16 kilometres along strike and up to 10 kilometres in width by limited trenching and shallow drilling.\n \n· This target is in the southern portion of the IN GALL license, one of 8 licenses held by the Company in Niger covering a total of 6,773 square kilometers; all are located in the Tim Mersoi Basin, the world’s 5th largest uranium producing district.\n \nThe In Gall Resource\n\nMSA declares the following SAMREC compliant Inferred Resources at Ingall at varying cut off grades:\n\n\n\n\n\nCut off grade \n(ppm eU3O8)\n\n\nInferred Resource \n(Million tonnes)\n\n\nGrade \n(ppm eU3O8)\n\n\nMetal \n(million lbs eU3O8)\n\n\n\n\n50\n\n\n48.09\n\n\n92.0\n\n\n9.76\n\n\n\n\n75\n\n\n27.84\n\n\n114.3\n\n\n7.02\n\n\n\n\n100\n\n\n14.06\n\n\n141.5\n\n\n4.39\n\n\n\n\n125\n\n\n6.55\n\n\n176.3\n\n\n2.55\n\n\n\n\n\n\nThe uranium at In Gall is associated with an extensive disconformity between the Cretaceous-aged Tegama and Irhazer arenaceous formations. This disconformity crops out at surface and is generally flat lying. The mineralised layer is typically 0.2 to 2.3 metres thick and continuous; within the resource area every borehole intersected mineralisation ab...