Uranium Exploration Update
September 19, 2007
VANE Minerals Plc (AIM: VML)
Uranium Exploration Update
VANE Minerals Plc ("VANE" or the "Company") announces an update on its on-going northern Arizona breccia pipe exploration activities conducted by VANE Minerals (US) LLC, its wholly-owned uranium subsidiary.
- Mineralized pipe discovered at Miller Southwest with 200ft of continuous mineralization
- All pipes contain uranium mineralization
- All targets drilled warrant additional drilling
- Additional pipe targets acquired taking total targets to 38
Drill holes have been completed on three of the four known pipes that VANE holds - Miller, Big Red, and Red Dike. In addition, a hole has been completed on the newly identified Miller Southwest target and has confirmed that the target is a mineralized breccia pipe.
Matthew Idiens, Director of Corporate Development commented "These initial results are encouraging and show the targets all warrant additional drilling; new down-hole geophysics techniques on these drilled holes should assist in positioning the next drill holes. Having tested 5 targets and with 4 of them showing such encouraging results we believe the total pipe package, which now stands at 38 targets, offers substantial potential".
The first hole completed on the project, hole 691-3 was completed to 1520 feet and discovered a new breccia pipe. The hole encountered 200 feet of continuous mineralization from 1230-1430 feet in the targeted ore horizon of the Hermit and Supai Formations. Within this interval an intercept averaging 0.10% eU3O8 over 16.5 feet was intersected that contained a high of 0.33% eU3O8.
Two holes have been completed, 698-1 and 698-2, both of which are mineralized, even though both holes did not appear to be in the pipe through the entire Hermit-Supai horizon. The gamma log in hole 698-1 reveals above background gamma levels from 495 to 595 feet and 965 to 1095 feet (which is above the favorable horizon), and also shows anomalous radioactivity in the bottom 300 feet of the hole which appeared to be outside the pipe. In addition, the log showed 5 feet of uranium mineralization at the Coconino-Hermit contact with grade up to 0.05% eU3O8. In hole 698-2, one narrow zone of weak mineralization was encountered between 1325 and 1335 feet. The maximum grade encountered was 0.02% eU3O8.
On the Miller Pipe, a second hole was completed on the inferred northwest part of the pipe. This hole, 691-2, was completed to the depth of 1605 feet and intersected the pipe through the favorable horizon and encountered anomalous uranium mineralization for 1113 feet from 402 to 1515 feet including the favorable Hermit-Supai section.
The results from Big Red Pipe were detailed in the press release of 3 May 2007.
A programme of 11 shallow holes was completed on the Rabbit target. All targets drilled to date warrant additional exploration. VANE is investigating the use of down-hole geophysics in the completed holes in order to assist in the planning of further drill holes where the position of the pipe at depth has been difficult to locate.
The following is a summary list of deep holes completed on the northern Arizona pipe project to date:
|PROJECT||HOLE NUMBER||DRILL DEPTH (ft)||MINERALIZATION||THICKNESS GRADE (ft-%)||SURVEY (ft @ azimuth)|
|Big Red||696-1||1,144||Top 100'||Trace Min||Deviation 13' @ 205°|
|Miller||691-1||1,445||565' - 568'||Mineralized||Deviation 44' @ 040°|
|691-2||1,605||402' - 1,515'||Mineralized|
|Deviation 26' @ 285°|
|Miller SW||691-3||1,520||1,230' - 1,430'||Mineralized|
|1,344' - 1,354'||10.0' - 0.13%||Deviation 37' @ 010°|
|Red Dike||698-1||1,525||981' - 984'||Mineralized||Deviation 45' @ 020°|
|1,120' - 1,121'||1.0' - 0.05%|
|698-2||1,525||1,323' - 1,325'||Mineralized||Deviation 8'@ 150°|
|1,334' - 1,335'||Mineralized|
|NUMBER OF HOLES||6|
|NUMBER OF PROJECTS||4|
The breccia pipe drilling programme has been successful in that all holes drilled have been completed and all targets warrant additional exploration. The programme has been designed to test as many targets as possible under the current funding capabilities without exhausting permitted targets or risking the loss of the drill rig through under utilisation..
VANE has acquired an additional 1560 acres of Arizona State lands where 4 pipe targets have been identified to date. This now takes the total number of targets under VANE control to 38, 5 of which have now had first phase drilling.
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.
VANE Minerals Plc
+44 (0) 20 7667 6322
Ambrian Partners Limited
+44 (0) 20 7776 6417
Laura Llewelyn / Beth Harris
+44 (0) 20 7851 7480