Anatolia Energy intersects high grade uranium at Turkey project – Proactiveinvestors (AU)

Anatolia Energy intersects high grade uranium at Turkey project

Monday, March 04, 2013 by Proactive Investors

Anatolia Energy (ASX:AEK) has intersected high grade uranium of up to 1,150 ppm eU3O8 at its Temrezli deposit in Turkey.

Results from six drill holes included intercepts of up to 1.7 metres at 790 parts per million eU3O8; 2.7 metres at 820 ppm eU3O8 and 3.7 metres at 560 ppm eU3O8.

The six drill holes were drilled within a 10 metres radium of one another and displayed strong ore continuity, which is similar to the widths and grades recorded at a enarby drill hole by the Turkey General Directorate of Mineral Research and Exploration.

Rotary and diamond drilling at the Temrezli uranium deposit was undertaken for hydrological testing of the regional ground water and the confined ground waters of the aquifer which hosts the uranium mineralisation.

The results are positive for the company to prepare a scoping study for the Temrezli prospect in Central Turkey.

Anatolia has a direct 35% interest and an indirect interest of 17% for a combined interest of 52% in Anatolia Uranium.

The rest of the shareholding is owned by Vetter Uranium, in which Anatolia is the largest shareholder with a 26.1% equity stake.

Under the terms of the Farm-In Joint Venture Agreement, Anatolia has the right to acquire up to a 75% interest in AUL by spending A$15 million in two A$7.5 million tranches on the Project.

If Vetter elects not to contribute any further expenditure towards developing the joint venture, Anatolia has the right to acquire up to 100% of the joint venture and pay Vetter a royalty fee once production commences.

 

The uranium project is located within one of Turkey’s key uranium regions, is close to established infrastructure and includes the Temrezli uranium deposit, one of Turkey’s largest and highest grade uranium deposits.

The deposit has a JORC compliant Mineral Resource Estimate of 17.41 million pounds of contained uranium at a grade of 1,170ppm (0.117%) eU3O8.

Anatolia had a cash balance of $2.29 million at the end of last quarter.

via Anatolia Energy intersects high grade uranium at Turkey project – Proactiveinvestors (AU).