Peninsula Energy Announces High Grade Uranium Intercepts Continue at Karoo Projects

Peninsula Energy (ASX:PEN) announced results from further radiometric re-logging of existing drill holes completed in November and December 2015 at the Rietkuil project area at Peninsula Energy’s Karoo Projects in South Africa.
As quoted in the press release:

Highlights:

• Very high grade near surface intercepts from further radiometric re-logging of UCEX drill holes at the Rietkuil project area
• Significant intercepts include
  • 9.4 ft @ 3,725 ppm eU3O8 from 47.6 ft
  • 4.1 ft @ 4,659 ppm eU3O8 from 46.4 ft
  • 3.1 ft @ 4,145 ppm eU3O8 from 33.0 ft
  • 3.9 ft @ 3,032 ppm eU3O8 from 36.9 ft
  •  4.6 ft @ 2,553 ppm eU3O8 from 141.0 ft
• Intercepts will add to the existing JORC Code-compliant resources Summary

Peninsula Energy Limited (Peninsula) is pleased to announce results from further radiometric relogging of existing drill holes completed in November and December 2015 at the Rietkuil project area (Rietkuil), approximately 40 km west of Beaufort West at Peninsula’s Karoo Projects in South Africa (Figure 2). Gamma probing was conducted at Blocks D(W) and D(E) (Figure 3) with a series of excellent results that follow on the earlier probing at Blocks F(N), E(N) and E(S) completed earlier in the year.

Results from all blocks investigated to date have demonstrated very high grade mineralisation at shallow depths with a further 44 significant intersections returned from 91 historic holes at Blocks D(W) and D(E) during November and December 2015. Overall 119 significant intersections have been returned from a total of 320 re-logged holes since mid-2014.
Re-logging is occurring in holes originally drilled by Union Carbide Exploration Corporation (UCEX) during the 1970’s and continues to successfully validate the location and grade of the mineralisation that was delineated by UCEX at that time.
Probing and re-logging is occurring in areas that are outside the existing JORC Codecompliant resource and information from this work will be included in an update of the JORC Code-compliant resource estimate for the Karoo Projects following any additional evaluation work that may be required.

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