Thursday, October 06, 2005

Uranium resource 'economic' @ 53ppm

The Advertiser: Uranium resource 'economic' [05oct05]

PEPINNINI Minerals estimates it has a resource of 12.65 million tonnes of 0.053 per cent uranium ore at its Crocker Well and Mt Victoria uranium prospects in South Australia's northeast.

Managing director Norman Kennedy said the company believed this was an economically viable resource, but further drilling was needed to confirm some of the data, which is up to 50 years old.

"The directors believe we've got a project," he said yesterday."

The Sydney company yesterday released an Australian Joint Ore Reserves Committee-compliant estimate, based on an analysis of historical drilling data compiled between 1951 and 1978 by the former SA Mines Department and private companies.

PepinNini said it has an inferred resource - the lowest level of confidence under the JORC code - of 14.85 million pounds of uranium.


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