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Increase in Resources and Reserves at the Modder East Project, South Africa
Increase in Resources and Reserves at the Modder East Project, South Africa.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: SXR - The Toronto Stock Exchange\n\nTORONTO, ON and JOHANNESBURG, South Africa, Feb. 13 /CNW/ - sxr Uranium\nOne Inc. announced today that its Aflease Gold Limited affiliate has received\na revised gold reserve and resource statement prepared by Turgis Consulting\n(Pty) Ltd. for the Modder East gold project located in the East Rand\ngoldfields of South Africa.\nThe revised statement shows a reserve of 1.3 million ounces in the\nprobable category, grading an average of 4.02 g/t gold. This represents a 28%\nincrease over the reserve gold estimates contained in the October 20, 2005\namended independent technical report on the Modder East property prepared by\nSRK Consulting (available on SEDAR). In addition, the revised statement shows\na resource of 2.0 million ounces in the indicated category (a 21% increase\nfrom the 1.7 million ounces previously reported) and 1.0 million ounces in the\ninferred category (a 23% increase from the 0.8 million ounces previously\nreported). In all cases, mineral reserves and resources have been reported in\naccordance with the classification criteria of the South African Code for\nReporting of Mineral Resources and Mineral Reserves (the SAMREC Code).\nThe resource at Modder East is derived from three reef horizons - the\nBlack Reef (average dip of 30) and the Kimberley UK9A and UK5 units (average\ndip of 120). The high grade Black Reef mineralization zone is developed at\napproximately 300 metres below surface, while the sub-cropping Kimberley (UK9A\nand UK5) units below the Black Reef reach depths of around 600 metres. The\nreef units are considered to be structurally simple and generally well\nunderstood, as a result of a long history of mining the underlying Main Reef\non the East Rand and the selective mining of the UK9A unit at the adjacent\nPetrex operations that resulted in the outlining of the major faults and\ndykes.\nThe Black Reef comprises three facies. At the top is the high grade\nBuckshot Pyrite Leader Zone (BPLZ), which averages 0.5 metres in thickness and\nis the primary mining target. The BPLZ is a placer deposit, with gold present\nwithin a heavy mineral suite dominated by pyrite and hosted within a\nconglomerate. Continuity of mineralization in the target area has been\nconfirmed, with the zone of mineralization clearly visible within the drill\nhole cor...