PEN 1.54% 6.6¢ peninsula energy limited

karoo uranium and molybdenum

  1. 13,344 Posts.
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    Communication is not always by the written word, but if that is what it takes...

    This from the latest report:

    "During Phase 2 of the programme all new surface uranium occurrences within the selected drilling areas will be subjected to an initial drilling programme to confirm subsurface extension of the mineralisation and to determine grades."

    This from previous Karoo reporting:

    "As radiometric surveys can only test the very shallow surface environment a few cm, a uranium mineralised body covered with a thin layer of sand or soil will give a minimal to non-existent response in the uranium channel. Thin overburden can also dilute a uranium response and make it very weak, highlighting the importance of placing anomalies in context."

    Anyone who saw what EXT reported about 3 years ago in relation to this would know why I am highlighting this very important aspect. Beneath this "masked" surface reading could be a massive uranium resource, or there could be nothing at all. I doubt very much it will be the latter, however the former remains to be seen.

    The layers of "sand or soil" PEN indicates above can "mask" the subsurface uranium mineralisation, as happened at Rossing. Many argued that was a load of rubbish here on the EXT thread, we now know the results at Rossing and that the now suspended "Uncle Barry" was 100% correct.

    I am not saying this will occur, I am just highlighting that it has the potential to occur and the similarities that should not be ignored.

    PEN clearly aren't ignoring this aspect.

    Now drilling is underway at Karoo, what will be uncovered in this campaign?

    A little history for those that haven't gone back that far:


    * Uranium mineralisation confirmed to 9,053ppm <0.905%> U3O8 at Site 22
    * Uranium mineralisation confirmed to 1,833ppm <0.183%> U3O8 at Site 49
    * Molybdenum mineralisation confirmed to 879ppm <0.088%> Mo at Site 22
    * Molybdenum mineralisation confirmed to 965ppm <0.097%> Mo at Site 49
    * Priority drill targets confirmed
    * Follow up testing on additional radiometric anomalies to be undertaken.

    Karoo has massive grades indicated and in addition to the uranium very high grades of Molybdenum .

    Previously reported at Site 29:


    * Assays confirm uranium mineralisation with grades to 21,000ppm <2.1%> U3O8* Molybdenum grades confirmed up to 2,430ppm
    * 7 out of 10 prospects return grades over 1,000ppm U3O8
    * Four very high priority drill targets confirmed

    I can't wait for the drill results of this current campaign. Maybe you can see why I am also focused on the "masking" aspect.

    Before we go rushing out to mortgage everything, the Mo results above were taken from the "assay of twenty three rock chip samples". Although they can be a reliable indicator, the drilling and confirmation assay is obviously required to confirm.

    The Karoo leases though do have significant historical drilling data.

    This is also something I have never forgotten:

    "Potential to add approximately 50% to the value of the in situ uranium. This significantly impacts on the economics of mining these types of mineralisation"


    Thanks carolz, et al ;)
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