Encouraging initial uranium results have been received from Uramet Minerals" maiden drilling program at the Wilora project in the Northern Territory.

The results are from reconnaissance aircore drilling at the Wilora palaeochannel calcrete uranium project, 200km north of Alice Springs. The palaeochannel, more than 50km long and 3km wide, is an ancient river channel now filled with gravels, sands and clays interspersed with extensive deposits of calcrete which have formed in the last 40 million years.

The results show averaged analyses of up to 130 ppm uranium in a 1m interval. Selected spot analyses of up to 230 ppm uranium have been noted in silicified chips of this sample.

This confirms that specific parts of the Wilora palaeochannel are favourable for the deposition of uranium minerals. The higher uranium values appear to be confined to calcrete which has been altered by the addition of silica while uranium in the gravels, sands and clays is below detectable levels.

The company is highly encouraged by these initial results and will continue with reconnaissance aircore drilling on the remainder of the palaeochannel. Anomalous holes will then be systematically followed up with closer spaced drilling to identify potential economic concentrations of uranium.

The company is also continuing exploration activity at the Box Hole lead-zinc project, 250km north-east of Alice Springs. A high resolution ground gravity survey has been completed and an induced polarization (IP) survey is underway.

The base metal potential of the area is highlighted by historical small-scale mining at the old King's Workings in 1960, which resulted in the extraction of an estimated 15 tonnes of galena-rich ore grading 65-70% lead and 60 grams/tonne silver from surface.

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