Vimy Resources (ASX:VMY) reports the existence of ‘new’ uranium mineralisation following the start of diamond drilling (DD) at its 100%-owned Angularli Deposit, as part of the Alligator River Project in the Northern Territory
With the current 19-hole DD campaign still ongoing, Vimy announces that the third drill hole is nearing completion with two more additional up-dip holes planned in the near future.
The results, generated by the first two drill holes, have successfully extended the Angularli deposit in an up-dip direction about 200m above the unconformity boundary, with key intercepts including:
- Hole ARDD0004: 5.40m @ 0.45% eU3O8 from 179.9m
– 6.35m @ 0.95% eU3O8 from 217.9m, incl. 2.95m @ 1.42% eU3O8 from 221.3m
- Hole ARDD0003: 2.65m @ 0.51% eU3O8 from 170.9m
– 4.50m @ 0.56% eU3O8 from 184.7m
– 5.90m @ 0.30% eU3O8 from 191.0m
Addressing the results, Vimy Resources Managing Director and CEO Steven Michael, stated: “Our team is very excited by the early success achieved in the first two holes at Angularli, which contains the highest uranium grade of any known uranium resource within Australia.
“These first two holes continue to demonstrate the growth potential of angularli”
“These first two holes continue to demonstrate the growth potential of angularli to increase in scale and value.”
These first two holes continue to demonstrate the growth potential of Angularli to increase in scale and value. Drilling continues with additional up-dip and down-plunge holes and Vimy expects to update the mineral resource in late 2022.”
The company also notes that the intercepted width and tenor of mineralisation in both holes support plans for additional drilling further up-dip in order to further extend known mineralisation within the Mamadawerre Sandstone Formation.
In addition, the company states that once up-dip extension drilling is completed, additional drilling will target a strong induced polarisation (IP) anomaly along strike of the Angularli fault before proceeding with resource extension of the Angularli Resource, which remains open at depth.
The Alligator River Project is located in Arnhem Land, Northern Territory and covers a total land tenure of 3,865km2 across three separate tenement packages, including 1,600km2 of granted exploration licences.
The project currently boasts an Inferred Mineral Resource Estimate (MRE) of 0.91Mt at a uranium grade of 1.29% U3O8 containing 25.9Mlbs U3O8.
All results from drilling up-dip and down-plunge of the Angularli Deposit will be used to update the planned MRE upgrade in late 2022.
