Uranium Exploration Update
Vane Minerals PLC
19 September 2007
September 19, 2007
VANE Minerals Plc (AIM: VML)
Uranium Exploration Update
VANE Minerals Plc ('VANE' or the 'Company') announces an update on its on-going
northern Arizona breccia pipe exploration activities conducted by VANE Minerals
(US) LLC, its wholly-owned uranium subsidiary.
HIGHLIGHTS
- Mineralized pipe discovered at Miller Southwest with 200ft of
continuous mineralization
- All pipes contain uranium mineralization
- All targets drilled warrant additional drilling
- Additional pipe targets acquired taking total targets to 38
Drill holes have been completed on three of the four known pipes that VANE holds
- Miller, Big Red, and Red Dike. In addition, a hole has been completed on the
newly identified Miller Southwest target and has confirmed that the target is a
mineralized breccia pipe.
Matthew Idiens, Director of Corporate Development commented 'These initial
results are encouraging and show the targets all warrant additional drilling;
new down-hole geophysics techniques on these drilled holes should assist in
positioning the next drill holes. Having tested 5 targets and with 4 of them
showing such encouraging results we believe the total pipe package, which now
stands at 38 targets, offers substantial potential'.
Miller Southwest
The first hole completed on the project, hole 691-3 was completed to 1520 feet
and discovered a new breccia pipe. The hole encountered 200 feet of continuous
mineralization from 1230-1430 feet in the targeted ore horizon of the Hermit and
Supai Formations. Within this interval an intercept averaging 0.10% eU3O8 over
16.5 feet was intersected that contained a high of 0.33% eU3O8.
Red Dike
Two holes have been completed, 698-1 and 698-2, both of which are mineralized,
even though both holes did not appear to be in the pipe through the entire
Hermit-Supai horizon. The gamma log in hole 698-1 reveals above background gamma
levels from 495 to 595 feet and 965 to 1095 feet (which is above the favorable
horizon), and also shows anomalous radioactivity in the bottom 300 feet of the
hole which appeared to be outside the pipe. In addition, the log showed 5 feet
of uranium mineralization at the Coconino-Hermit contact with grade up to 0.05%
eU3O8. In hole 698-2, one narrow zone of weak mineralization was encountered
between 1325 and 1335 feet. The maximum grade encountered was 0.02% eU3O8.
Miller Pipe
On the Miller Pipe, a second hole was completed on the inferred northwest part
of the pipe. This hole, 691-2, was completed to the depth of 1605 feet and
intersected the pipe through the favorable horizon and encountered anomalous
uranium mineralization for 1113 feet from 402 to 1515 feet including the
favorable Hermit-Supai section.
The results from Big Red Pipe were detailed in the press release of 3 May 2007.
Rabbit target
A programme of 11 shallow holes was completed on the Rabbit target. All targets
drilled to date warrant additional exploration. VANE is investigating the use
of down-hole geophysics in the completed holes in order to assist in the
planning of further drill holes where the position of the pipe at depth has been
difficult to locate.
The following is a summary list of deep holes completed on the northern Arizona
pipe project to date:
PROJECT HOLE DRILL MINERALIZATION THICKNESS SURVEY
NUMBER DEPTH(ft) GRADE (ft-%) (ft @ azimuth)
Big Red 696-1 1,144 Top 100' Trace Min Deviation 13' @ 205
degrees
Miller 691-1 1,445 565' - 568' Mineralized Deviation 44' @ 040
degrees
691-2 1,605 402' - 1,515' Mineralized
Deviation 26' @ 285
degrees
Miller SW 691-3 1,520 1,230' - 1,430' Mineralized
1,344' - 1,354' 10.0' - 0.13% Deviation 37' @ 010
degrees
Red Dike 698-1 1,525 981' - 984' Mineralized Deviation 45' @ 020
degrees
1,120' - 1,121' 1.0' - 0.05%
1,225'-1,520' Mineralized
698-2 1,525 1,323' - 1,325' Mineralized Deviation 8'@ 150degrees
1,334' - 1,335' Mineralized
TOTAL FOOTAGE 8,764
NUMBER OF HOLES 6
NUMBER OF 4
PROJECTS
The breccia pipe drilling programme has been successful in that all holes
drilled have been completed and all targets warrant additional exploration. The
programme has been designed to test as many targets as possible under the
current funding capabilities without exhausting permitted targets or risking the
loss of the drill rig through under utilisation..
New Acquisitions
VANE has acquired an additional 1560 acres of Arizona State lands where 4 pipe
targets have been identified to date. This now takes the total number of
targets under VANE control to 38, 5 of which have now had first phase drilling.
Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc
Geology, who meets the criteria of a qualified person under the AIM Rules -
Guidance for Mining, Oil and Gas Companies, has reviewed and approved the
technical information contained within this announcement.
Enquiries:
VANE Minerals Plc
Matthew Idiens
+44 (0) 20 7667 6322
Ambrian Partners Limited
Richard Brown
+44 (0) 20 7776 6417
Parkgreen Communications
Laura Llewelyn / Beth Harris
+44 (0) 20 7851 7480
This information is provided by RNS
The company news service from the London Stock Exchange