Email
Password
Remember meForgot password?
    Log in with Twitter
Press Release

Mantra Resources Limited: Drilling continues to confirm continuity of mineralised zone at Nyota Prospect

Canada NewsWire

    <<
    Highlights:

    -  Results from infill drilling at the Nyota Prospect continue to confirm
       continuity of mineralised zones, both in terms of thickness and grade;
    -  Thick zones of high grade mineralisation intersected at shallow
       depths, including a peak intercept of 25 metres @ 1,572 ppm
       eU(3)O(8);
    -  Steady flow of drilling results expected over coming months with seven
       rigs operating at site; and
    -  Exploration drilling aimed at testing priority target areas adjacent
       to the existing resource areas will commence once the infill program
       is completed.
    >>

PERTH, Western Australia, July 26 /CNW/ - Mantra Resources Limited ('Mantra' or 'the Company') (ASX: MRU, TSX: MRL) is pleased to announce further results from the 2010 resource infill drilling program at the Nyota Prospect ('Nyota' or 'the Prospect'), part of the wholly owned Mkuju River Project ('MRP' or 'the Project') in southern Tanzania.

This infill drilling program is an integral part of the Company's Definitive Feasibility Study ('DFS') and is being undertaken with the aim of converting a significant portion of the current Mineral Resource Estimate ('MRE') into the Measured and Indicated categories, which will help to better define the proposed mine plan.

The current MRE is tabulated below:

    <<
    -------------------------------------------------------------------------
    Resource              Ore            Average grade     Contained U(3)O(8)
    Category       (million tonnes)          (ppm)            (million lbs)
    -------------------------------------------------------------------------
    Indicated            25.1                 515                   28.5
    -------------------------------------------------------------------------
    Inferred             57.3                 442                   55.8
    -------------------------------------------------------------------------
    >>

The results of 316 new aircore/open-holes (reported herein) have shown that there is good continuity of the mineralised zones, in both thickness and grade, between the previous broader spaced holes within the resource areas drilled to date. Thick zones of high grade mineralisation have been recorded at shallow depths, with better intercepts including:

    <<
       ----------------------------------------------------------------
        Hole No.             Down Hole Intercept            From Depth
                                                            (Down Hole)
       ----------------------------------------------------------------
        MNDH0200         25m @ 1,572 ppm eU(3)O(8)             26m
       ----------------------------------------------------------------
        MNCH0211           47m @ 680 ppm eU(3)O(8)             12m
       ----------------------------------------------------------------
        MNDH0191         27m @ 1,030 ppm eU(3)O(8)             89m
       ----------------------------------------------------------------
        MNCH0213         17m @ 1,430 ppm eU(3)O(8)              7m
       ----------------------------------------------------------------
        MNDH0202         13m @ 1,556 ppm eU(3)O(8)             11m
                    and  22m @ 1,047 ppm eU(3)O(8)             29m
       ----------------------------------------------------------------
        MNCH0290           27m @ 785 ppm eU(3)O(8)             15m
       ----------------------------------------------------------------
        MNAH0465           26m @ 811 ppm eU(3)O(8)         surface
       ----------------------------------------------------------------
        MNCH0223         12m @ 1,582 ppm eU(3)O(8)             20m
       ----------------------------------------------------------------
        MNDH0287           20m @ 922 ppm eU(3)O(8)             55m
       ----------------------------------------------------------------
        MNDH0315           22m @ 672 ppm eU(3)O(8)             10m
       ----------------------------------------------------------------
        MNCH0182           23m @ 637 ppm eU(3)O(8)             24m
       ----------------------------------------------------------------
        MNCH0207         12m @ 1,214 ppm eU(3)O(8)             17m
       ----------------------------------------------------------------
        MNCA0224         11m @ 1,263 ppm eU(3)O(8)             31m
       ----------------------------------------------------------------
        MNCH0172         11m @ 1,209 ppm eU(3)O(8)             17m
       ----------------------------------------------------------------
        MNCH0250          8m @ 1,650 ppm eU(3)O(8)             33m
       ----------------------------------------------------------------
        MNCH0212         12m @ 1,069 ppm eU(3)O(8)             10m
       ----------------------------------------------------------------
        MNCH0253           20m @ 637 ppm eU(3)O(8)              3m
       ----------------------------------------------------------------
        MNAH0448           19m @ 664 ppm eU(3)O(8)             54m
       ----------------------------------------------------------------
        MNCH0190           13m @ 940 ppm eU(3)O(8)             15m
       ----------------------------------------------------------------
        MNCH0296         12m @ 1,002 ppm eU(3)O(8)             59m
       ----------------------------------------------------------------
        MNDH0192           19m @ 620 ppm eU(3)O(8)             87m
       ----------------------------------------------------------------
        MNCH0208         11m @ 1,062 ppm eU(3)O(8)              8m
       ----------------------------------------------------------------
        MNCH0198           38m @ 301 ppm eU(3)O(8)              3m
       ----------------------------------------------------------------
        MNDH0342         10m @ 1,143 ppm eU(3)O(8)             18m
       ----------------------------------------------------------------
        MNAH0483          9m @ 1,261 ppm eU(3)O(8)             40m
       ----------------------------------------------------------------
        MNCH0294           15m @ 750 ppm eU(3)O(8)             49m
       ----------------------------------------------------------------
    >>

Five air drill rigs and two diamond drill rigs are currently operating at Nyota. To date, approximately 850 aircore/open-hole drill holes for 54,000 metres and 24 diamond holes for 1,500 metres have been completed this year.

It is anticipated that the infill program will be completed in approximately ten weeks and will facilitate the announcement of a revised MRE in the fourth quarter of calendar 2010. The Company will continue to publish the results of the drilling program as they become available over the coming months.

Exploration drilling aimed at testing a number of priority target areas adjacent to the existing resource areas will commence immediately following the completion of the infill program.

A full report complete with details of the work completed, including supporting results and details of the Company's QA/QC procedures, is available on the Company's website (www.mantraresources.com.au), ASX (www.asx.com.au), and SEDAR (www.sedar.com).

Regulatory Disclosures:

For further information regarding the Mkuju River Project, including a description of Mantra's quality assurance program, quality control measures, the geology, samples collected and testing procedures in respect of the Mkuju River Project please refer to the technical reports prepared in accordance with NI 43-101 entitled "January, 2010 Resource Update - Mkuju River Project, located in Tanzania, Africa" dated 10 March 2010, "December, 2009 Resource Update - Mkuju River Project" dated 7 December 2009 and "Technical Report on the Mkuju River Project located in Tanzania, Africa" dated 18 September 2009, which are available under the Company's profile at SEDAR.

Competent Person / Qualified Person Statements

The information in this release that relates to Exploration Results is based on information compiled by Mr. Robert Behets, who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Behets is a full-time employee of the Company. Mr. Behets has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) and is a "Qualified Person" under National Instrument 43-101 - 'Standards of Disclosure for Mineral Projects'. The Qualified Person has verified the data disclosed in this report, including sampling, analytical and test data underlying the information contained in this release. Details in relation to the verification of the data are included in the notes to Table 1. The QP was satisfied with the verification process and consents to the disclosure in this release. Mr Behets consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

The information in this release that relates to in-situ Mineral Resources is based on information compiled by Mr Malcolm Titley of CSA Global Pty. Ltd. He is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) and is a "Qualified Person" under National Instrument 43-101 - 'Standards of Disclosure for Mineral Projects'. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Mr Titley consents to the inclusion of such information in this release in the form and context in which it appears.

Forward Looking Statements

This report contains 'forward-looking information' that is based on the Company's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, objectives, performance, outlook, growth, cash flow, earnings per share and shareholder value, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses, property acquisitions, mine development, mine operations, drilling activity, sampling and other data, grade and recovery levels, future production, capital costs, expenditures for environmental matters, life of mine, completion dates, uranium prices, demand for uranium, and currency exchange rates. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast' and similar expressions. Persons reading this report are cautioned that such statements are only predictions, and that the Company's actual future results or performance may be materially different.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to the risk factors set out in the Company's Annual Information Form.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to update or revise any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.