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eu308

  1. 12,897 Posts.
    Here is a extract taken from from the 101 page prospectus lodged with the ASX on 18/02/2008. This is taken from an independent report (Brian R. Senior, B.Sc. (Hons), M.Sc. Ph.D. FAusIMM, CP Geo.) conclusion:



    "A surface and near surface ore body tojustify future high levels of exploration expenditure. The conceptual target requires a grade of between 100 and 300ppm of eU3O8, a thickness between 1 and 3m and an area of approximately 1.5km2. These parameters provide a conceptual resource containing between 370 and 3370 tonnes of eU3O8. Based on the price of US$100 per lb of U3O8 and an exchange
    rate of A$0.85 to the US$1.00, the value of such a deposit is estimated at between A$98 and $880 million. On this basis Adavale is targeting a minimum resource of 1500 tonnes of eU3O8 for the 2008 exploration program.
    The above calculations exclude uranium mineralisation at depth within the basal part of the palaeochannels and mineralisation within the underlying Cretaceous, as these are poorly known at the current level of drilling. The calculations also exclude additional uranium mineralisation that may exist in the near surface or at depth, within the remaining, relatively unexplored segments of this extensive palaeochannel system.

    Based on current geological knowledge, the potential exists to meet the minimum requirements for the targeted ore body. The surface and near surface nature of these deposits,
    if proven to be laterally continuous over a sufficiently large area, should make them economically viable using shallow open cut mining methods".


    DYOR


 
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