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U3O8 Limited awaits Olary Creek and Ardmore drilling results in November

Last updated: 16:14 24 Oct 2010 EDT, First published: 15:14 24 Oct 2010 EDT

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U3O8 Limited (ASX: UTO) has completed the reverse circulation drilling programmes on Olary Creek in South Australia and the Ardmore Project in Queensland, with Olary Creek drilling targeting a thick sequence of magnetite rich banded iron formation identified from the magnetic survey completed over the area.

Four holes were completed into the banded iron formation target, whilst a further hole examined a possible channel iron target.

The deepest hole was terminated at 175 metres, having intersected banded iron formation through large portions of the hole.

The company has submitted the samples for geochemical assay and expects results to be returned by mid November.

Drilling at Olary Creek had been delayed due to extreme flooding in many parts of South Australia in September.

Reverse circulation drilling was also completed on the Ardmore Project, south of Mt Isa in Queensland. A total of 15 drill holes targeted three previously untested radiometric anomalies identified by U3O8 Limited.

Rock chip sampling of the radiometric anomalies has returned results up to 0.54% U3O8.

Drilling was expected to be completed by an earlier date but was delayed due to the late arrival of the rig onto site. Several intervals anomalous in uranium were intersected in a number of holes. Results are also expected by the middle of November.

U3O8 Limited has a market capitalisation of A$14.77 million and had A$2.04 cash at the end of the June quarter.


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