Vimy Resources Limited (ASX: VMY, OTCQB: VMRSF) has intercepted new uranium mineralisation in the first two diamond drill holes at its 100%-owned Angularli Deposit in Australia’s Northern Territory.
The two diamond drill holes successfully extended the Angularli Deposit in an up-dip direction, approximately 200m above the unconformity boundary, which was previously thought to limit the extent of uranium mineralisation.
The width and tenor of mineralisation intercepted in both holes warrant additional drilling further up-dip from the current drill holes, to further extend the known mineralisation within the Mamadawerre Sandstone Formation.
“Our team is very excited by the early success achieved in the first two holes at Angularli, which contains the highest uranium grade of any known uranium resource within Australia,” Managing Director and CEO, Steven Michael, said.
“These first two holes continue to demonstrate the growth potential of Angularli to increase in scale and value. Drilling continues with additional up-dip and down-plunge holes and Vimy expects to update the mineral resource in late 2022.”
The Angularli Deposit is part of the Alligator River Project, which lies approximately 380km by road east-north-east of Darwin and is hosted in a high-angle shear fault system, with an Inferred Mineral Resource estimate of 0.91Mt at a uranium grade of 1.29% U3O8 containing 25.9Mlbs U3O8 . The Mineral Resource Estimate is supported by 30 diamond drill holes to date, with the best intercept at Angularli recorded in hole WRD0084, consisting of 41.5 metres at 2.93% U3O8, (inc. 22.9m at 4.63% U3O8.
Once the up-dip extension drill holes are completed, then the Angularli North prospect, associated with a strong induced polarisation (IP) anomaly and along strike of the Angularli fault will be tested. The drill rig will then proceed with resource extension drilling down-dip of the Angularli resource, which remains open at depth.
A minimum of 19 diamond drill holes are planned to be drilled at Angularli over the next four months. The first seven holes are focused on up-dip and down-plunge extensions to the existing mineral resource and a further 12 diamond holes are planned to be drilled at the Angularli North, South and West prospects.
Geological and structural logging of drill core and downhole wireline logging will be completed on each hole prior to samples being sent for multi-element analysis. The results of drilling up-dip and down-plunge of the Angularli Deposit will be used to update the mineral resource estimate expected in late 2022.
For further information please visit: https://www.vimyresources.com.au/
