news.com.au - UXA shares jump on big find

16/Jul/2009

by CAMERON ENGLAND

Source: http://www.news.com.au/adelaidenow
URANIUM Exploration Australia shares doubled yesterday after the Adelaide exploration company announced a "potentially very significant discovery''.

UXA shares jumped from 10c to 20c, before settling to close 6.5c higher at 16.5c yesterday.

This was in response to it identifying a zone of mineralisation at its Crystal Creek project more than 3km long.

The mineralisation "crops out'' - breaks the surface - intermittently, and includes uranium oxide concentrates of up to 4120 parts a million, or 0.41 per cent.

Managing director Dr Russell Penney said the prospect, in the centre of the Northern Territory, was 100 per cent owned by UXA and not far from a deposit owned by Energy Metals.

"We are excited by the discovery, given the 3km length of the structure, the early indicators of high-grade uranium mineralisation and its location near to the 20.6 million pound Bigrlyi deposit,'' he said.

"As such, this is potentially the most significant discovery of mineralisation made to date by UXA.''

ยป back