The Prospect currently hosts an Inferred Mineral Resource estimate (MRE) of 35.9 million pounds U3O8 reported in accordance with the JORC Code. Four drill rigs (one diamond rig and three air rigs) are currently operating at Nyota and it is anticipated that the air rigs will remain at site until December 2009. The drilling has initially focused on upgrading the resource classification of the MRE and then advancing to adjacent high priority exploration target areas.
The results of an initial 145 aircore/open-hole and 28 diamond holes (reported herein) have shown that there is good continuity of the mineralised zones, both in terms of thickness and grade, between the previous broader spaced holes within the two resource areas drilled to date.
Multiple thick zones of mineralisation have been recorded at shallow depths in both resource areas, including an intercept of 55m at 645 ppm eU3O8 from six meters depth which represents the thickest drill intersection recorded at the Prospect to date.
To date, a total of 262 aircore/open-hole drill holes for 14,650 meters and 48 diamond holes for 2,560 meters have been completed. The majority of these holes are part of the resource infill drill program.
The resource infill and exploration/extension drilling programs are ongoing, along with a significant trenching program which is being undertaken concurrently with the drilling. These activities will lead to a steady news flow over the coming months as results become available.
The data obtained from the infill drilling and trenching programs will ultimately form the basis for a revised MRE for the Prospect which aims to upgrade the resource classification of a significant portion of the current Inferred MRE to the Indicated category, expected to be completed in the December quarter. The exploration/extension drilling program is scheduled to be concluded by December, and will be followed by a revised global MRE anticipated to be completed in the March quarter of 2010.
