Bannerman identifies possible Etango extension

/in /by

THE DRILL SERGEANT: Perth-based Bannerman Resources has released drilling results from a recently completed RC drilling program carried out on the Onkelo area of the company’s Etango uranium project in Namibia.

The results have identified the discovery of mine-grade mineralisation at the Onkelo West prospect, which is situated adjacent to the planned Etango open pit.

 

Section A-B showing the new drilling, the interpreted extension to
the Etango deposit and the staged open pit outlines. Source: Company
announcement

 

Bannerman holds an 80 per cent interest in the Etango uranium project, located southwest of Rössing uranium mine of Rio Tinto and to the west of the Langer-Heinrich mine of Paladin Energy.

According to Bannerman Etango is one of the world’s largest undeveloped uranium deposits.

The company is currently focused on a feasibility assessment on the project that is due for completion in March 2012 and development of a large open pit uranium operation at Etango.

Broad uranium intercepts returned from the recent drilling program include:

–    58 metres at 105 parts per million uranium from 38 metres;
 
–    24m at171ppm uranium from 79m;

–    14m at 194ppm uranium from 212m;

–    3m at 426ppm uranium from 88m;

–    16m at 144ppm uranium from 65m; and

–    11m at 156ppm uranium from 58m.

Bannerman said all holes carried out during the latest campaign returned encouraging assay results.

The company said the results suggest the possibility exists to expanding the known Mineral Resource estimate and the designed pit boundary to the west.

It also considers the results display potential for this newly identified mineralisation to also extend to the south along the western flank of the known Etango deposit.

The company’s confidence in this idea is supported by results of a recent spectrometer survey, which extend southwards to the Oshiveli area of the Etango deposit.

Bannerman is now planning a drilling program to further test the possible western extensions of the Etango deposit.

“These are important and exciting drilling results,” Bannerman Resources chief executive officer Len Jubber said in the company’s announcement to the Australian Securities Exchange.

“They show significant potential to further grow the Etango uranium deposit.

“As the company’s drilling programs have primarily been focused on delineating resources to support the Definitive Feasibility Study, due for completion at the end of March 2012, it is now time for the team to expand the regional approach to exploration.

“This approach will initially focus on identifying areas to extend the known deposit with the objective of increasing the mine life to well in excess of 20 years.”