Published on Friday November 30 2012 (AEST)
Core Exploration (ASX:CXO) has found significant high grade uranium including 5 metres at 2,540 parts per million of U3O8 from its maiden drill program at Fitton in South Australia. Grades also included 14 metres at 1,047 ppm and 11 metres at 316 ppm that included 1 metre at 1,465ppm of U3O8. Moderate grade copper and uranium were also found with the best intersection of 5 metres at 0.18% copper and 217ppm U3O8. The assay results confirm high scintillometer readings in field reports and further assays from 15 holes are to be received by mid December.
Core recently completed a reverse circulation drill program at its Fitton project, which is just 25 kilometres north of Heathgate's Beverley uranium mine. The drilling successfully intersected high-grade uranium mineralization within the broader shear zone at the Scott Lee Prospect with seven of the ten drill holes drilled at Scott Lee reported significant uranium results.
The mineralization is open at depth and along strike in both directions with substantial potential for further uranium mineralization away from Scott Lee Prospect based on interpretation of magnetic and radiometric data of the area. Drilling until now has focused on the magnetics targets and many of the nearby uranium radiometric anomalies are yet to tested and drilled, which could provide further upside. Core's 2012 drilling program at Fitton is now concluded and totaled 1,902 metres in 29 drill holes.
The program tested seven separate prospects with the most number of holes drilled in the Scott Lee. The next phase of drilling at the project will focus on improving the extent and grade of mineralization intersected in the first pass program and testing any newly identified target areas.
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