The drill program comprised six diamond drill holes across 3,344m and followed up the 2013 drill program which consisted of six drill holes in 2,760m.
Drill hole 14CBK003 returned uranium mineralization of 0.054% U3O8 over 1.5m but due to high core loss; 1m of loss over 2m, these assay numbers are not considered of the mineralization, the company said.
Down hole gamma values for the mineralized zone returned >1000cps over 1.3m with a max of 1970cps.
Drill hole 14CBK005 returned uranium mineralization of 0.041% U3O8 over 0.32m as well as 0.022% U3O8 over 1m located 5m further down hole.
Rio Tinto gained 55% interest in the C Blocks by incurring expenditures of $1,000,000 and an initial payment of $147,000 to Pistol Bay Mining in January 2012.
The company has an option to increase its holding to 75% by incurring an additional $1,000,000 in expenditures before 31 December 2014. Over five years, Rio Tinto may increase its interest to 100% by paying $5,000,000 to Pistol Bay which will receive a 5% net profits interest royalty.
