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Odin Uranium Deposit

The Odin uranium deposit is located (1km) north of Valhalla at EPL17514. A 99 hole resource definition drilling programme totalling 16,044m was completed at Odin by September 2010 with a maiden Mineral Resource completed in December 2010.

The Odin uranium deposit has a strike length of 600m and contains two mineralised lenses. The main lens trends north-north-east and dips 50° – 60° to the east. The smaller southern lens strikes north-south and dips steeply to the east.

Resource delineation drilling was completed for 2011 with an additional 28 reverse circulation holes. Mineralisation plunging 20-30° to the south was drilled over widths of 20-30m with grades in the range of 300 - 6,000ppm eU3O8 about 400m north of Valhalla. This mineralisation was highlighted by hole VR0432 (340m-371m/31m @ 1,006ppm eU3O8). High-grade intervals occur within brecciated and albitised sandstones near contacts with basalt. Down-dip drilling to the east identified thick (40 - 70m) mineralised zones that flatten from -70°E to -40°E; grades in this area range from 200 - 700ppm eU3O8.

A mineral resource update has now been completed and is reported below at a 250ppm U3O8 cut-off grade. For the first time, Indicated Mineral Resources have now been defined.

 

Updated Odin Mineral Resource estimate as at December 2011 (at 250ppm U3O8 Cut-off)

Resource Category Mt Grade ppm
U3O
t
U3O
Mlb
U3O8
Indicated 8.2 555 4,534 9.99
Inferred 5.8 590 3,430 7.6

(Mineral Resource quoted on 100% basis)

The total mineral resource represents a 70.3% increase on the previous, all Inferred category, mineral resource.

Latest prices

ASX A$ 0.105
TSX C$ 0.110

Latest Prices

TradeTech U3O8 spot US$25.25/lb
TradeTech U3O8 long term US$35.00/lb

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