RSS UpdatesCompany Information for Uranex NL
Company stock charts - 6 Month chart
 ASX; UNX
View full financial data |
Company Statement
Uranex is an Australian listed company with advanced uranium projects in Australia and Tanzania.
Having recently announced initial resource estimates for Thatcher Soak in Western Australia and Bahi in central Tanzania, Uranex is well positioned to rapidly advance its two priority exploration and near-production assets. Both resources are located near surface within the top 20m of largely unconsolidated host sediments, which indicates very low mining costs and simple processing requirements, thereby increasing operating margins and thus facilitating production at industry-low cut off grades.
Uranex is focused on growth by production through a pipeline of Bahi and Thatcher Soak production, and the advancement of its quality exploration assets, including kuju and Songea in southern Tanzania, the Bremer Basin Project in Western Australia, and the Bynoe and Alligator River Projects in the Northern Territory.
Current Operations
Uranex has a number of high quality and diverse uranium exploration targets in Australia and overseas. In Australia, the Company’s exploration emphasis is on the Thatcher Soak calcrete development project. Located in Western Australia, Thatcher Soak is at an advanced stage with an inferred resource estimate. Other quality exploration assets including the Bremer Basin Project in Western Australia, and the Bynoe and Alligator River Projects in the Northern Territory, will ensure Uranex’s rapid growth is sustained.
In the east African nation of Tanzania Uranex is aiming to be the first uranium producer. The Company holds an extensive portfolio of uranium exploration targets, including an initial resource estimate for its Bahi Project. Uranex’s exploration activities in Tanzania have resulted in the emergence of two separate uranium provinces at Bahi and Mkuju. These newly discovered deposits offer the Company the potential to participate in early and ongoing resource definition and multiple discovery opportunities in prospective but, prior to Uranex, poorly explored terranes.
Australia
Alligator River Project
The Alligator Rivers Project is located in Northern Territory Pine Creek gesoyncline which hosts the world class uranium deposits such as Ranger, Nabarlek and Jabiluka.
Uranex’s tenements, Love Creek (EL 26164) & Swim Creek (EL 26165) incorporate a number of key geological elements considered favourable for the formation of unconformity style mineralisation that typify the major uranium deposits mentioned above.
Bremer Basin
The Bremer Basin Project uranium project area covers sedimentary sequences flanking the southern margin of the Yilgarn Craton. The area is considered prospective for ‘Roll Front style uranium’ with similar geology to that hosting the Lake Frome (South Australia) and Mulga Rocks (Western Australia) uranium deposits.
Anthropological site clearance is scheduled to be completed in late October.
RAB Drilling will commence in November on lines across palaeo-channels previously defined by an airborne electromagnetic survey. Approximately 2,000 metres of drilling will target potential shallow lignite hosted uranium mineralisation and roll front / blanket style redox controlled mineralisation deeper in the palaeo-channels.
Bynoe Project
The Bynoe uranium project area is located 60km south-west of Darwin. The project area is contained within eight granted exploration licences and one exploration licence application covering a total area of 500km2.
The project area is located on the western flank of the Pine Creek geosyncline which is host to world class uranium deposits such as Ranger, Narbalek and Jabiluka. Uranex’s tenements incorporate a number of key structural elements considered favourable for the formation of unconformity-style mineralisation that typify the major uranium deposits of the eastern Pine Creek region and features of the uranium deposits at Rum Jungle which is located about 40km east of the Bynoe projects. Some 3,407 tonnes of U3O8 was mined from the Rum Jungle area in the 1960’s. This was contained in two main deposits Whites (396,000 tonnes @ 0.27% (2.7kg/t U3O8) and Rum Jungle Creek South (663,500 tonnes @ 0.43% (4.3kg/t U3O8).
Thatcher Soak
Highlights
• Easily accessed shallow deposit
• Low cost mining
• Simple processing
• Exploration has extended and enhanced historic mineralisation
• New zones have been discovered at depth and to the north
The deposit was discovered in the early 1970’s by recognition of uranium vanadates (carnotite) within dolomitic calcrete at three closely spaced locations along an ill-defined drainage channel within the tenements. Subsequent exploration has established that mineralisation extends for at least 7.5km along the drainage and is between 200m and 1000m in width with a thickness of 1m to 6m.
The historic exploration at the Thatcher Soak uranium deposit was not comprehensive and Uranex identified the potential to substantially increase both the size and the grade of the deposit by regularly spaced drilling and sampling.
Tanzania
Bahi Project Area
Highlights
• "One plant - multiple sources” production strategy
• Initial, preliminary, resource estimate
• Easily accessed shallow deposits (4m)
• In unconsolidated hosting sediments
• Low cost mining
• Simple processing
• High grade starter zone for early payback
• Located near current infrastructure (railway, town, grid power)
Uranex’s Bahi Project area incorporates an extensive, closed drainage system that has developed over weathered uranium rich granites. This drainage system captures all soluble uranium leached from the underlying rocks and provides transport to suitable trap sites along the drainages and ultimately into the large 40x30km Bahi salt lake
Manyoni Project
The Manyoni and Bahi Region Project in Central Tanzania covers an area of approximately 4,000km2. The project area is linked by road and rail to the national capital of Dodoma located 70kms to the east.
The region incorporates an extensive closed draining system developed over weathered uranium rich granites. This drainage captures dissolved uranium leached from underlying rocks and transports it to suitable precipitation trap sites (playa lakes) along the drainages, and ultimately into the enormous 40x30km Bahi Playa Lake. Uranex holds approximately 400km2 (or approximately one-third) of the ‘head waters’ entry in the northwest area of Lake Bahi.
Mkuju and Songea Projects
The Mkuju and Songea projects are located in the south-west of Tanzania close to the country boarders of Mozambique and Malawi. The project areas comprise 8 granted/offered tenements and 3 applications covering a total area of about 8,000km2.
The areas incorporate exposure of the uranium prospective of the Karoo basin sediments. Most of the known uranium mineralisation in southern Africa are hosted by similar Karoo sandstones.
A 15,000m Reverse Circulation (RC) drilling programme has commenced at Mkuju. The results of this drilling will provide the Company with significant additional insight into the scope for large Wyoming type ‘roll-front’ uranium deposits.
Geographical Spread
Tanzania and Australia
Board of Directors and Key Management
| Andrew Daley | Non-executiveChairman |
| John Cottle | Managing Director, CEO |
| Bianca Manzi | Non-Executive Director |
| Richard Udovenya | Non-Executive Director |
| John Mcleod | Company Secretary, CFO |
Company AddressLevel 3
|
Additional Address/Key ContactTechnical Office |
CapitalQuoted Ordinary Shares 100.8M
|
Broker/Analyst Reports
26/09/08 - Resource Capital Research
Major Shareholders
| IMX Resources Ltd | 17.1% |
| Continental Nickel Nl | 17.1% |
| Geiger Counter Ltd | 8.1% |
| Polo REsources Ltd | 4.3% |
Related News
10/11/09 - Uranex Is Now Focussing On Getting Early Production From Its Manyoni Uranium Project In Tanzania27/05/09 - Uranex Is Pushing Its Uranium Projects In Tanzania And Western Australia Towards Production As Quickly As Possible
29/07/08 - Nimble In Tanzania, Strategic In Australia: Uranex’s Uranium Game Plan
Most Recent Statement
10/12/09 - Mkuju Drilling Confirms Large 3D Anomaly27/11/09 - 2009 AGM Results
27/11/09 - Chairman Elected
27/11/09 - 2009 AGM Chairman`s Address
27/11/09 - 2009 AGM Presentation
27/11/09 - Significant Increase in Manyoni Resources