Stonehenge Metals Mineral Resource Upgrades Estimate for Its Daejon Uranium Project in South Korea

Published on Tuesday February 22 2011

Australian Uranium Explorer Stonehenge Metals (ASX: SHE) has upgraded the Mineral Resource Estimate and increased the exploration target for its wholly owned Daejon Uranium Project in South Korea.

The Inferred Resource is now 92 million tonnes (Mt) at 320 partes per million (ppm) uranium (eU3O8) for 65 million pounds (Mlbs) of contained eU3O8 at a lower cut-off grade of 200 ppm eU3O8.

The Mineral Resource Estimate was prepared by independent consultants Snowden.

The new exploration target is 17 to 39 million pounds U3O8 at a grade of 250 to 350 ppm.

Daejon has become the largest uranium resource in South Korea on the 87% increase in total contained uranium.

The upgraded resource is based on a combination of recent detailed mapping by KORES (Korean Resources Corporation) ground radiometrics, costean sampling data and a more comprehensive understanding of the local structure and stratigraphy gained largely from recent re-logging of historical drill core.

The resource outcrops at surface and is open along strike and at depth and there have been strong multi-element assays returned from Daejon adit channel sampling.

An initial diamond drilling program has been completed at the Gwesan Project.

Snowden has stated it is confident that an infill drill programme with industry standard sampling, assaying and QAQC procedures and protocols, together with metallurgical testwork, will result in an upgrading of the resource classification.

The company has recently received the results of selective sampling of a 350 metre long adit that was developed into the central part of the Daejon ore body.

In the near future a comprehensive sampling program will be conducted along the whole length of the adit and assayed for an expanded suite of elements. There is strong evidence to suggest that some zones of rare earth Elements (REE) may also be included in the mineralisation.

Richard Henning, Stonehenge managing director, said “the analysis of recently available data, including access to historic core samples has enabled us to put together a resource that now has considerable scale, with significant potential upside."

The Daejon project has exciting prospects, with over 4km of strike in a geologically consistent ore body which is clearly defined, along with out-cropping at surface.

The company's metallurgical testwork continues to have encouraging results and Stonehenge is looking to enter a pre-feasibility stage of this project earlier than originally anticipated.

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