OVERVIEW
ASX ACTIVITIES REPORT
3 months ended:
30 September 2014
UraniumSA Limited
("UraniumSA")
ASX Code: USA
ABN 48 119 978 013
32 Beulah Road
Norwood SA 5067
Phone +61 8 8132 0577
Fax +61 8 8132 0766
www.uraniumsa.com.aumailto:[email protected][email protected]
BOARD OF DIRECTORS
Alice McCleary Chairman Martin Janes Director Russel Bluck Director & Geoscience Manager
David Paterson Director & Acting CEO
PROJECTS South Australia Samphire ELs 4979, 5426
Blackbush MC 4280
Murninnie EL 5440
Wild Horse Plains EL 4693
Muckanippie EL 4694
ISSUED CAPITAL
30 September 2014
Shares on Issue: 174,274,756
Quoted shares: 174,274,756
Unlisted Options: 16,150,000
INVESTOR INQUIRIES
[email protected]
Inquiries regarding this report and company business may be directed to:
David Paterson - Acting CEO
+61 8 8132 0577
+61 417 823 654
VISIT OUR WEBSITE
www.uraniumsa.com.au
PROJECT OVERVIEW
Samphire project located south of Whyalla on the Eyre Peninsula in South Australia was the focus of all geotechnical and metallurgical work for the quarter.
a) Targeting for high grade mineralisation within the Western Zone at Blackbush continued. Primary uranium, rare-earth-element minerals and trace base metal sulphides have been identified in altered and veined Samphire granite. The previously reported uranium mineralised shear veins in granite are now being examined.
b) Collection of portable XRF geochemistry of end-of-hole samples was completed and data analysis started. Initial appraisal indicates that basement alteration haloes occur below some of the known sediment-hosted high grade intersections.
c) Laboratory lock-cycle metallurgical test work was completed and initial reports received.
d) Review of completed flora and fauna reviews received.
CORPORATE
Placement - On 11 September 2014 UraniumSA announced a placement to sophisticated investors to raise $240,000 and involved the issue of 12,000,000 fully paid ordinary shares at a price of $0.02 and the issue of 4,000,000 unlisted options, exercisable at $0.06 before 12
September 2014.
New Director - Martin Janes joined the Board as a non-executive director. (ASX 2 October 2014)
New Projects - projects involving minerals and energy other than uranium are being evaluated as part of a board diversification strategy.
Annual General Meeting - to be held in Adelaide 10.00am Friday 21
November 2014 - Level 1 67 Greenhill Road WAYVILLE 5034.
FINANCE
Exploration expenditure for the period $151,000. Cash position at the end of the period $0.451m (no debt, unaudited). Estimated expenditure for the December 2014 quarter is $270,000.
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ACTIVITIES
SAMPHIRE PROJECT
EXPLORATION TARGETING
Work continued on the identification of drillable targets for high grade mineralization within the
Western Zone at Blackbush. The focus has been on;
1. Targeting holes to be drilled within the known high grade mineralisation at the Eocene unconformity to establish its geological, metallurgical and engineering properties ("egress" style mineralisation in the figure below) while exploring for new mineralisation in underlying basement structures ("ingress" mineralisation within the structural corridor).
2. Continuing to build an understanding of alteration and mineralisation events within the Samphire granite basement to identify new basement targets.
UraniumSA has completed hand-held XRF reading of all end-of-hole (eoh) drill samples from below the Western Zone. Examination of rock texture and fabric in core samples supplemented by hand held XRF data for specific features is providing a context for the interpretation of this eoh geochemical data.
External research work is generating fundamental information on the mineralogy, alteration and associations of the uranium mineralisation. Primary uranium, rare-earth-element minerals and trace base metal sulphides have been identified in altered and veined Samphire granite. The previously reported uranium mineralised shear veins in granite are now being examined.
The integration of these two lines of investigation with a continued manipulation of the geophysical data sets (detailed aeromagnetic, gravity, broad spaced AEM) is significantly improving the understanding of the intrusive sequencing, structural history, alteration and mineralisation of the Samphire granite. The work is ongoing and the expectation is that quality drill targets will be
identified and the information provided through ASX release.
"perched"
stratabound
"egress"
unconformity
"penetrative"
corridor
~100
conventional roll-fronts
~100
"ingress"
lode ?
Blackbush West schematic. Samphire project. view north, scale as shown. Underlying image ASX November
2013.
Interested persons should refer to the ASX release of 25
July 2014 and/or to the UraniumSA website for a discussion of the work.
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METALLURGY
Laboratory lock-cycle test work was completed late July and initial reports received. Assessment of the results is continuing in conjunction with our commercial partners Lanxess and CleanTeQ.
Scoping of future test work was initiated in meetings with Ian Wark Research Institute, ARC
Special Research Centre, University of South Australia who conducted the recently completed work, and with the Institute for Mineral and Energy Resources, University of Adelaide. Efforts will continue to fund this work from external relationships and sources.
ENVIRONMENT
UraniumSA has previously established monitoring sites across the Samphire project area: thirteen for flora, five for fauna and eleven for birds. The sites are located in areas representing chenopod shrubland, samphire shrubland, open mallee and open woodland habitats. A review of the flora and fauna survey which have been completed for UraniumSA since 2009 was carried out to confirm the ongoing integrity of the work. No issues requiring early attention were identified.
MUCKANIPPIE PROJECT
UraniumSA owns 100% of Exploration Licence 4694. No significant work was completed in the quarter to the end of September 2014. Identification of potential JV partners continued.
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OTHER PROJECTS
CHARLESTON PROJECT - EL 5426 WESTERN BLOCK
• UraniumSA and its partner have withdrawn from EL 4787- Pine Hill.
• Midgee western block of SRZ JV (Stellar Resources Ltd, USA earning 73% EL 5426).
• No significant work was completed during the Quarter.
WILD HORSE PLAIN - EL 4693
• USA 100% uranium, Archer Exploration Limited (ASX: AXE) 100% other minerals, EL 4693.
• Archer Exploration is continuing its work on their project. No work was done by USA with respect to Uranium exploration.
FORWARD WORK PROGRAM TO END DECEMBER 2014
SAMPHIRE PROJECT
• Targeting for future drilling to provide geological, metallurgical and engineering data on the known high grade mineralisation within the Western Zone, Blackbush.
• Development of drillable exploration targets for mineralisation within the Samphire granite.
• Continuation of the metallurgical program in conjunction with our strategic partners.
• Ongoing discussions with the landowners aimed at a resolution of access issues for follow up exploration of the Plumbush deposit (held in JV with Stellar Resources Limited, ASX: SRZ). Wardens Court hearing adjourned to 10 March 2015.
MUCKANIPPIE PROJECT
Ongoing appraisals of existing metallurgical and geochemical data. Identification of potential joint venture partners will continue in the current quarter.
OTHER PROJECTS
Charleston project
• No work scheduled.
Wild Horse Plains (Cleve) project, eastern Eyre Peninsula
• Archer Exploration will be continuing work on its project. No work is planned by
UraniumSA.
24 October 2014 4
About UraniumSA Limited
UraniumSA is an Adelaide based explorer specialising in uranium mineralisation within a substantial portfolio of properties in South Australia's Gawler Craton.
The Company has discovered sediment hosted uranium mineralisation within Exploration Licence
4979, Samphire, which is located 20km south of the industrial city of Whyalla on the eastern Eyre Peninsula in South Australia. The exploration Licence is owned and operated by Samphire Uranium Pty Ltd, a wholly owned subsidiary of UraniumSA Limited.
The Samphire project contains the:
Blackbush deposit with an estimated inferred resource 64.5 million tonnes of mineralisation at a bulk grade of 230ppm containing 14,850 tonnes U3O8 at a 100ppm eU3O8 cut-off grade (JORC 2012).
Plumbush deposit with an estimated inferred resource 21.8 million tonnes of mineralisation at a bulk grade of 292ppm containing 6,300 tonnes U3O8 at a 100ppm eU3O8 cut-off grade (JORC 2004).
The estimated mineralisation is predominantly sediment hosted in Eocene age Kanaka Beds. Exploration has discovered uranium mineralisation in other geological settings and exploration is
continuing.
An evaluation of mining methods to optimise the recovery of uranium from the identified resources of mineralisation is continuing. Application for a Retention Lease over MC 4280 for an in-situ recovery field trial at the Blackbush deposit remains.
Through its own tenure and by joint venture UraniumSA has exploration control over what it considers the most prospective portions of the Pirie Basin. The Board has continued its diversification of UraniumSA's exploration efforts into commodities and opportunities other than uranium. Work on the Blackbush deposit within the Samphire project will continue at a rate which reflects the current global uranium market, production opportunities and investor sentiment.
David Paterson
Acting Chief Executive Officer
UraniumSA Limited
The exploration results mineral resources reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr Russel Bluck a Director of UraniumSA Limited and Member of the Australian Institute of Geoscientists with sufficient experience relevant to the style of mineralisation and type of deposits being considered, and to the activity which is reported to qualify as a Competent Person as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Bluck consents to the inclusion in the report of matters based on his information in the form and context in which it appears. It should be noted that the abovementioned exploration
results are preliminary.
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