Published 18 June 2012
Peninsula Energy has encountered mineralization from a total of 159 holes at the Lance Projects in Wyoming, US, indicating thick intervals and continuity of mineralization.
About 105 holes reported mineralization of more than 100ppm and a total of 21 holes reported multiple intersections of stacked uranium while 31 reported GT values exceeding 0.2.
The company has completed a further 236 drill holes during the period from 26 March to 12 June for a total of 225,100 feet at the Lance Projects.
The drilling focused on converting inferred resources to the indicated category in the planned Kendrick Production Unit located to the west of the Ross Production Unit.
Drilling in this area has targeted the K3, K4, K5 and K6 roll fronts with a combined lineal strike length of about 21km and has recently identified the K5A roll front.
The overall Lance resource now comprises a total of 51.5Mlbs (million pounds of uranium) and drilling in other key areas of the Lance Projects, will target the roll front nose and is expected to deliver uplift in average GT and grade.
Current interpretations reveal a total of 312 line kilometres of mineralized roll fronts in the greater Lance Projects and that the delineated mineralization to date in the current area of interest at Kendrick represent only 7% of the estimated mineralized roll front systems within this.
Detailed geological evaluation has identified over 500 follow-up drill targets within the Lance Projects and estimated that these will form the basis for on-going exploration for the next 5-10 years.
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