microsoft word - asx releasemau 29 may'09 v2.docx
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Reconnaissance sampling of radiometric targets at the Seabrook uranium project (Magnetic 80%, earning 100%) situated 40km east of Southern Cross, WA continues to expand the areas of interest with the identification of four new prospects showing anomalous levels of uranium. 2 nd Floor, 35 Outram St West Perth WA 6005 PO Box 1388 West Perth WA 6872 Telephone 08 9226 1777 Facsimile 08 9485 2840 [email protected] www.magres.com.au 1 ABN 34 121 370 232TRANSCRIPT
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ASX Release ASX code: MAU 29 May 2009
SEABROOK URANIUM UPDATE ________________________________________________________
Based on the encouraging results described below, Magnetic Resources has applied for three additional exploration licences covering prospective lake areas and interpreted extensions of the associated palaeochannels at Seabrook, increasing the Magnetic tenement holdings in the area to about 247sq km. Reconnaissance sampling of radiometric targets at the Seabrook uranium project (Magnetic 80%, earning 100%) situated 40km east of Southern Cross, WA continues to expand the areas of interest with the identification of four new prospects showing anomalous levels of uranium.
Shallow samples of lake sediment have returned values up to 51ppm U (ranging upwards from 18ppm U) which indicate the Lake Seabrook/Lake Eva complex and associated palaeochannels may contain extensive areas of anomalous uranium – see attached map. Associated with the uranium are anomalous levels of cerium and strontium (maximum values 315ppm and 4980ppm respectively). Elevated copper, lead, nickel, cobalt and bismuth values in the sediments also correlate with the anomalous uranium samples.
The presence of this element association supports the interpreted similarity of Seabrook to the style of mineralisation at the Mulga Rocks uranium deposit north east of Kalgoorlie. At this stage it is interpreted that the Seabrook uranium anomalies are a result of weathering and concentration of primary uranium derived from structurally controlled sources or from granite.
Water samples taken from the previously reported 2km-long anomalous zone (MAU ASX release 25 March 2009) have uranium contents up to 150ppb U which is considered to be strongly anomalous.
Further sampling to define the areal extent of the near surface anomalies will commence in the near future, to be followed by an aircore drilling programme to determine the depth extent of the uranium concentrations and to assess the potential for large shallow uranium deposits.
2nd Floor, 35 Outram St West Perth WA 6005
PO Box 1388 West Perth WA 6872
Telephone 08 9226 1777 Facsimile 08 9485 2840
[email protected] www.magres.com.au
ABN 34 121 370 232
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Seabrook project area showing the location of anomalous uranium results
For more information on the company visit www.magres.com.au George Sakalidis Roger Thomson Managing Director Technical Director Phone (08) 9226 1777 Phone (08) 9226 1777 Mobile 0411 640 337 Mobile 0419 969 183 Email [email protected] Email [email protected] The information in this report is based on information compiled or reviewed by Roger Thomson BSc, ARSM, MAIG who is a member of the Australasian Institute of Mining and Metallurgy. Roger Thomson is a director of Magnetic Resources NL. Roger Thomson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Roger Thomson consents to the inclusion of this information in the form and context in which it appears in this report.