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Rockgate Capital intersects 3.24% uranium oxide in Mali, shares rise


Rockgate Capital Corp. (TSX:RGT) said on Thursday it found a high-grade extension in the south block of the North zone at its uranium-silver and copper project in Mali. 

The Falea uranium-silver and copper deposit is located in south western Mali, 350 kilometres away from the capital city of Bamako. 

The south block, a priority target for the 2012 drill program, hosts high-grade uranium and silver mineralization along a west-trending structure over 500 metres long and around 100 metres wide. 

Drill hole DF-830 averaged 3.24% uranium oxide and 242 grams per tonne (g/t) silver over 1.3 metres. 

Other notable results include drill hole DF-760, which averaged 1.03% uranium oxide and 88.7 g/t silver over two metres west of the road fault.

The company said this indicates the south block structure continues across the fault, south of the west half of the North zone.

Meanwhile, DF-633 averaged 0.10% uranium oxide and 598 g/t silver over 8.6 metres. 

Shares popped 7.84 per cent to reach 55 cents apiece on the Toronto Stock Exchange. 

Rockgate drilled 69 diamond drill holes totalling 16,274 metres. The holes were spaced 50 metres apart, which is sufficient to classify new mineral resources in the indicated category, the company noted. 

The Vancouver-based company's drill program, which came to a halt on July 31 because of bad weather, is scheduled to restart on October 15.

Its diamond drill program is using four rigs, which will be deployed on many priority targets. 

Rockgate said top priority will be given to targets that can be brought into measured and indicated resources, which will be incorporated in on-going economic studies.

Its target areas include the Bodi area, the North zone south block, and the North zone western extension. 

Rockgate said once it gets assays from its 2012 drill program, it would work on an updated mineral resource estimate. 

A detailed fall 2012 campaign is underway, it added.

Quick facts: Denison Mines Corp

Price: 1.23 CAD

Market: TSX
Market Cap: $889.84 m

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