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karoo

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    second quarter activites:

    "SOUTH AFRICA – URANIUM / MOLYBDENUM EXPLORATION
    1. Outstanding Uranium and Associated Molybdenum Grades Returned at Site 22
    2. Ongoing Drill Program Intersects High Grade Uranium and Molybdenum at Site 22 and 29"

    End of year june 2011:

    URANIUM- MOLYBDENUM EXPLORATION PROSPECTS – REPUBLIC OF SOUTH AFRICA
    (Peninsula Energy 74%, BEE Group 26%)

    Project areas that cover a total area of 1,985km2. All tenements contain uranium and molybdenum mineralisation as defined by rock chip samples and a recent detailed radiometric survey has defined many strong, anomalies. In addition, three sites (Sites 22, 29 and 45) host significant historic bodies of uranium mineralisation.

    The drilling of 1,300 holes by JCI and Union Carbide at three of the Karoo Projects in the 1970’s-1980’s defined mineralisation at grades of 700-1,400ppm eU3O8, and rock chip sampling indicates potential to extend mineralisation beyond the historic drill limits and define multiple ore odies. New areas of uranium and molybdenum mineralisation identified by Peninsula in potentially stacked sandstone units (effectively increasing the prospective strike length) have increased the resource potential. The historic RystKuil mine owned by Areva NC has a previously published target of 64Mlbs (Uranium 2007) and is in close proximity to Peninsula’s projects.

    Previous exploration for uranium was conducted over the Karoo region through the late 1960’s and into the early 1980’s. Many sandstone-hosted uranium deposits and prospects were identified but little analysis was carried out for the associated molybdenum due to prevailing low prices for that metal. Private exploration in the region ceased in the early 1980’s after the worldwide fall in the demand for uranium, but the South African Government Geological Survey completed a broad spaced airborne radiometric survey and then conducted surface sampling of radioactive anomalies located by the airborne survey.

    The government identified significant uranium and molybdenum mineralisation at each of the six project areas through surface rock samples but there has been no follow-up work conducted on these projects since the Geological Survey work
    was undertaken.

    Peninsula commissioned a detailed airborne radiometric survey covering the Karoo Projects by Fugro Airborne Surveys during early 2008 covering the total project area of 1,985km², with flight lines at a spacing of 100m and a nominal 25m flight height .The closer line spacing, lower sensor height and improved instrument sensitivity resulted in the identification of a large number of areas at all sites with an elevated uranium response (best response was 52 times background).

    Current Program – Site 22

    Site 22 is located below an escarpment approximately 45km south of Fraserburg (see Figures 6 &7). As previously reported on 19 February 2011 Peninsula commenced a program comprising the re-opening and logging of the historic JCI boreholes.

    In conjunction with the logging Peninsula began a program of RC drilling designed to provide samples for Uranium and Molybdenum geochemical analysis and to establish the correlation between Uranium and Molybdenum. Historic reports
    suggest a high ratio of Molybdenum to Uranium within these areas of the Karoo.

    To date, a total of 159 historic boreholes, 123 newly-drilled RC holes and 5 new diamond boreholes have been logged. This comprehensive program has produced a total of 272 intersections that exceed 200ppm eU3O8. A total of 1,699 RC samples have also been collected for assay. These assay results confirm a widespread distribution of Molybdenum in association with the Uranium.

    In addition to validating the high grade Uranium reported from the down-hole gamma logging program, the high grade of the associated Molybdenum is particularly encouraging as it has the potential to add significantly to the economics of any future mineral extraction from this area. Peninsula has also completed several diamond holes at Site 22 and is now completing analysis to determine the ratio of Molybdenum to Uranium and to determine any disequilibrium factor from the pending diamond core assays. The results from the initial program at Site 22 suggest that there is potential to delineate a significant level of Molybdenum with very favourable implications for the economics of the project

    Highlights of the RC drilling at Site 22 included:

    1. DH 06F0051RC which intersected 3.3ft @ 4,535ppm U3O8 and 408ppm Mo from 67.3ft;

    2. DH 06F0866RC which intersected 4.9ft @ 4,022ppm U3O8 and 1,313ppm Mo from 205.1ft;

    3. DH 06F0101RC which intersected 6.6ft @ 3,625ppm U3O8 and 2,560ppm Mo from 68.9ft;

    4. DH 06F0473RC which intersected 6.6 ft @ 3,102ppm U3O8 and 2,549ppm Mo from 32.8ft; and

    5. DH 06F0102RC which intersected 1.6 ft @ 1,972ppm U3O8 and 4,308ppm Mo from 49.2ft.

    In addition to the numerous high-grade Uranium and Molybdenum assays several holes reported mineralised thicknesses in excess of 10ft with a maximum thickness of 13.1ft (grading 920ppm U3O8 and 1,003 Mo) returned from DH 06F0065RC.

    The highest Uranium intersection received to date is from DH 06F0151RC which reported 1.6 ft grading 8,420ppm U3O8.

    Current Program - Site 29

    Site 29 is located some 10 km south-east of the town Beaufort West in the Western Cape Province, South Africa Since the commencement of exploration on Site 29 in January 2011, Peninsula has completed the re-logging of 167 historic Union Carbide holes, drilled 99 RC holes and 3 diamond drill holes.

    Highlights of the RC drilling at Site 29 included:

    1. QFN0027DD which intersected 6.89 ft @ 1,313ppm eU3O8 from 40.03 ft;

    2. QFN0341RC which intersected 8.20 ft @ 811ppm eU3O8 from 38.39 ft;

    3. QFN0034RC which intersected 6.9ft @ 1,363ppm eU3O8 from 35.93 ft;

    4. QFN0109RC which intersected 13.3ft @ 529ppm eU3O8 from 11.48 ft; and

    5. QFN0159RC which intersected 2.13 ft @ 2,137ppm eU3O8 from 23.46 ft.

    The average depth of confirmed mineralisation is between 40’ (12m) and 43.6’ (13.3m) from surface. To date, 424 samples have been submitted to a laboratory in Cape Town and Molybdenum assays results for the samples are awaited.

    Molybdenum Molybdenum assays received to date from Site 22 are particularly encouraging and tend to show a positive correlation between uranium and molybdenum mineralisation with selected intervals returning up to 2,549 ppm Mo over 6.6ft (06F0473RC) and 6,160ppm Mo over 1.6ft (06F0866RC).

    Additional work is required at Site 29 to fully gauge the
    relationship between uranium and molybdenum.

    Karoo Projects – Exploration Potential

    In addition to the existing resource drilling areas, a total of ten high ranking drill targets distributed across all six of the Company’s Project Areas have been prioritised from the 392 uranium occurrences generated by the 2008 helicopter-borne radiometric and magnetic surveys.

    This process has included site mapping, ground sampling and aerial extent studies of the project areas conducted by Peninsula over the last 3 years.

    Further targets have been identified following recent acquisition and review of exploration reports compiled by Union Carbide during the 1970s and early 1980s. Peninsula obtained these reports from the South African Nuclear Energy
    Corporation during the September 2010 quarter.

    Preliminary geological studies have estimated a combined exploration potential in the Karoo of 30-60m tonnes @ 700 – 1,400ppm eU3O8 for 90 – 150Mlbs eU3O8.

    The Company’s target over the next 18 months is to delineate 30Mlbs of eU3O8 (15-25m tonnes @ 700–1,400ppm eU3O8). The source of this material may include the historic mineral occurrences, their extensions and new exploration targets. If this target is achieved a conceptual study has suggested that this quantity of uranium would support the development of a central processing facility near Site 29.
 
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