Gladiator Resources (ASX:GLA) shares were up nearly 12% yesterday after the explorer revealed it had uncovered two “highly mineralised” intervals during drilling at its Mkuju Project in Tanzania.
Two of the four holes drilled into the SWC target returned intercepts including 2.32m @ 0.30% uranium from 0.3m depth and 2.13m @ 0.33% uranium from surface.
Gladiator says the other two holes did not contain a significant mineralised interval.
Over 400m has been drilled so far and once a fifth hole has been drilled, the rig will move to the Mtonya target located 6km southwest of SWC.
Drilling at Mtonya will follow up historical intersections along the northwest side of the deposit, which Gladiator says appears to be open.
Previous operator Uranium Resources reported drill intercepts including 7m @ 549 parts per million (ppm) uranium from 49.3m, 8.5m @ 515ppm from 155.9m and 2.9m @ 1,172ppm from 171.3m.
At Likuyu North, a 370 line-kilometre high resolution ground magnetic survey is nearing completion.
The Mkuju tenements span 678.7km2, with the closest point of the project located less than 30km from the Mkuju River Project owned by Uranium One, a subsidiary of major Russian uranium producer Rosatom.
Uranium One’s Mkuju Project is touted as one of the largest uranium reserves in Tanzania.
Gladiator shares closed up at $0.019 yesterday.
Write to Angela East at Mining.com.au
Images: Gladiator Resources & iStock
