Aldershot Resources Ltd.: Yuinmery Uranium Project Updateadmin
Jeremy Caddy, President of Aldershot Resources Ltd., is pleased to announce that drilling has commenced at its Yuinmery Uranium Project, located 480km northeast of Perth.
Yuinmery has an historical resource of 1,288,000 lbs of contained uranium (see below) but needs redrilling to establish a National Instrument #43-101 compliant resource. The Company advises that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. Aldershot received final permission for drill testing from the Minister on 14 June 2007. Approximately 150 shallow holes are required to re-establish and extend this resource. Drilling will be completed by the end of July.
As previously reported in Aldershot’s news release dated December 1, 2004, a report dated September 2, 1998 on the Yuinmery Prospect is available from open files held by the Geological Survey of Western Australia which describes the prospect as follows:
“The project contains an indicated mineral resource of 1,580,000 (tonnes) at 0.37 kg/t U3O8 at a 0.25 kg/t cut-off (for 1,288,000 lbs of contained uranium). This mineralization is located at the transition zone between a channel calcrete feeder and a playa lake. The resource has not been closed off to the south and west and there is considerable scope for infill drilling to test ground radiometric highs to test for high-grade zones.
“There is significant potential to increase the mineral resource by further exploration. Three exploration targets are present on the property:
1 near surface oxidised enrichments on the playa lake;
2 near surface oxidised calcrete-chemical delta-playa lake style mineralization;
3 mineralised redox fronts in the deeper reduced lake sediments.”
The report goes on to list previous work on the property beginning with an aerial radiometric survey conducted by the Bureau of Mineral Resources (BMR) in 1968, which identified the large radiometric anomaly through to the last explorer Australian Consolidated Minerals Ltd in 1978-9.
It is clear that the report is neither JORC nor NI 43-101 compliant and the data reported are an indication only. The drilling program now being undertaken and the results to be obtained will be NI 43-101 compliant. The Company advises that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
All of the previous exploration at Yuinmery was conducted when uranium was trading between US$10 and US$45 per pound. With current spot prices around US$140 per pound, the economic parameters of this property, including much of the lower grade material, become much more attractive and important to Aldershot. For example, assuming a long term yellow-cake price of US$85 per pound, and cash-cost for mining this prospect of US$35 per ton, a downwards revision of the cut-off grade from 0.25 kg/t to 0.20 kg/t is warranted.
Management is eager to receive results of this drilling so it can progress the Yuinmery deposit, initially to a compliant resource and then towards production. The current drilling is testing two of three zones identified on Aldershot’s airborne radiometric survey, flown in 2006. The third zone, about a kilometre to the north, will be drill tested next, together with any follow-up drilling generated from this program.
As part of Aldershot’s exploration strategy, the Company exchanged five Exploration Licences surrounding Lake Noondie for Aldershot’s Mt Wedge application in central Australia. This Swap Agreement, with Thundelarra Exploration Ltd and reported on 2 March 2007, received shareholder approval on 22 June 2007. It is currently awaiting approval by the TSX.
Management is extremely pleased with this outcome as it consolidates its valuable holdings at Yuinmery and the potential extensions of the known mineralisation. The new licences cover an additional 28km of prospective shoreline along the northern margin of Lake Noondie and a significant uranium anomaly approximately 20km to the ESE of the Yuinmery Prospect visible on published government maps. The five ELs cover approximately 800 sq km. Data compilation has commenced and exploration programs are being developed in anticipation of the transfer of the Licences.
Aldershot is now drilling on two projects in Australia and after completion of the Yuinmery drilling, preparation for mobilisation to the Ngalia Project will commence. Outside of Australia Aldershot is actively exploring in the Fort Coulonge area of Quebec, the Atlin area of British Colombia and along the shore-line of Lake Kariba in Zambia.
About Aldershot Resources Ltd.
Aldershot Resources Ltd. is a junior uranium exploration company focused on projects in Australia, Canada, Zambia and Chile. The Company’s most advanced projects are located in Australia where Aldershot is actively drilling to confirm and expand historical resource estimates. The Company is aggressively pursuing corporate growth through drilling and sampling on all of its properties as well as through acquisition opportunities. Aldershot is committed to become a dominant junior uranium exploration and production company.
FOR AND ON BEHALF OF THE BOARD
ALDERSHOT RESOURCES LTD.
Jeremy Caddy, President and Director
This release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein. Information in this report, insofar as it relates to resources’ estimation and exploration activities, is based on information compiled by Ian Faris who is the Company’s senior uranium geologist and who has more than ten years experience in the field of the activity being reported on. This report accurately reflects the information compiled by this Professional Engineer.
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About Aldershot Resources Ltd.
Aldershot Resources, based in Vancouver, Canada, is a uranium exploration company currently with projects in Northern Territory, Western Australia, Quebec and Zambia. Shares of the Company are listed for trading on the TSX Venture Exchange and there are 61,398,308 shares outstanding.
Cautionary Language and Forward Looking Statements
This press release may contain “forward-looking statements”, which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure documents filed from time to time with the Canadian securities authorities.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release.
Contacts: Aldershot Resources Ltd. Jeremy Caddy President & Chief Executive Officer (604) 682-6718 (604) 682-6722 (FAX)
CHF Investor Relations Linda Armstrong Vice President (416) 868-1079 ext. 229
Source: Aldershot Resources Ltd.