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Attention Business Editors
Mantra Resources Limited: Drilling continues to confirm continuity of mineralised zone at Nyota Prospect
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Highlights:
- Results from infill drilling at the Nyota Prospect continue to confirm
continuity of mineralised zones, both in terms of thickness and grade;
- Thick zones of high grade mineralisation intersected at shallow
depths, including a peak intercept of 25 metres @ 1,572 ppm
eU(3)O(8);
- Steady flow of drilling results expected over coming months with seven
rigs operating at site; and
- Exploration drilling aimed at testing priority target areas adjacent
to the existing resource areas will commence once the infill program
is completed.
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PERTH, Western Australia, July 26 /CNW/ - Mantra Resources Limited
('Mantra' or 'the Company') (ASX: MRU, TSX: MRL) is pleased to announce
further results from the 2010 resource infill drilling program at the Nyota
Prospect ('Nyota' or 'the Prospect'), part of the wholly owned Mkuju River
Project ('MRP' or 'the Project') in southern Tanzania.
This infill drilling program is an integral part of the Company's
Definitive Feasibility Study ('DFS') and is being undertaken with the aim of
converting a significant portion of the current Mineral Resource Estimate
('MRE') into the Measured and Indicated categories, which will help to better
define the proposed mine plan.
The current MRE is tabulated below:
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Resource Ore Average grade Contained U(3)O(8)
Category (million tonnes) (ppm) (million lbs)
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Indicated 25.1 515 28.5
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Inferred 57.3 442 55.8
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The results of 316 new aircore/open-holes (reported herein) have shown
that there is good continuity of the mineralised zones, in both thickness and
grade, between the previous broader spaced holes within the resource areas
drilled to date. Thick zones of high grade mineralisation have been recorded
at shallow depths, with better intercepts including:
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Hole No. Down Hole Intercept From Depth
(Down Hole)
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MNDH0200 25m @ 1,572 ppm eU(3)O(8) 26m
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MNCH0211 47m @ 680 ppm eU(3)O(8) 12m
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MNDH0191 27m @ 1,030 ppm eU(3)O(8) 89m
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MNCH0213 17m @ 1,430 ppm eU(3)O(8) 7m
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MNDH0202 13m @ 1,556 ppm eU(3)O(8) 11m
and 22m @ 1,047 ppm eU(3)O(8) 29m
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MNCH0290 27m @ 785 ppm eU(3)O(8) 15m
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MNAH0465 26m @ 811 ppm eU(3)O(8) surface
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MNCH0223 12m @ 1,582 ppm eU(3)O(8) 20m
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MNDH0287 20m @ 922 ppm eU(3)O(8) 55m
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MNDH0315 22m @ 672 ppm eU(3)O(8) 10m
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MNCH0182 23m @ 637 ppm eU(3)O(8) 24m
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MNCH0207 12m @ 1,214 ppm eU(3)O(8) 17m
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MNCA0224 11m @ 1,263 ppm eU(3)O(8) 31m
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MNCH0172 11m @ 1,209 ppm eU(3)O(8) 17m
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MNCH0250 8m @ 1,650 ppm eU(3)O(8) 33m
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MNCH0212 12m @ 1,069 ppm eU(3)O(8) 10m
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MNCH0253 20m @ 637 ppm eU(3)O(8) 3m
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MNAH0448 19m @ 664 ppm eU(3)O(8) 54m
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MNCH0190 13m @ 940 ppm eU(3)O(8) 15m
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MNCH0296 12m @ 1,002 ppm eU(3)O(8) 59m
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MNDH0192 19m @ 620 ppm eU(3)O(8) 87m
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MNCH0208 11m @ 1,062 ppm eU(3)O(8) 8m
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MNCH0198 38m @ 301 ppm eU(3)O(8) 3m
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MNDH0342 10m @ 1,143 ppm eU(3)O(8) 18m
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MNAH0483 9m @ 1,261 ppm eU(3)O(8) 40m
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MNCH0294 15m @ 750 ppm eU(3)O(8) 49m
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Five air drill rigs and two diamond drill rigs are currently operating at
Nyota. To date, approximately 850 aircore/open-hole drill holes for 54,000
metres and 24 diamond holes for 1,500 metres have been completed this year.
It is anticipated that the infill program will be completed in
approximately ten weeks and will facilitate the announcement of a revised MRE
in the fourth quarter of calendar 2010. The Company will continue to publish
the results of the drilling program as they become available over the coming
months.
Exploration drilling aimed at testing a number of priority target areas
adjacent to the existing resource areas will commence immediately following
the completion of the infill program.
A full report complete with details of the work completed, including
supporting results and details of the Company's QA/QC procedures, is available
on the Company's website (www.mantraresources.com.au), ASX (www.asx.com.au),
and SEDAR (www.sedar.com).
Regulatory Disclosures:
For further information regarding the Mkuju River Project, including a
description of Mantra's quality assurance program, quality control measures,
the geology, samples collected and testing procedures in respect of the Mkuju
River Project please refer to the technical reports prepared in accordance
with NI 43-101 entitled "January, 2010 Resource Update - Mkuju River Project,
located in Tanzania, Africa" dated 10 March 2010, "December, 2009 Resource
Update - Mkuju River Project" dated 7 December 2009 and "Technical Report on
the Mkuju River Project located in Tanzania, Africa" dated 18 September 2009,
which are available under the Company's profile at SEDAR.
Competent Person / Qualified Person Statements
The information in this release that relates to Exploration Results is
based on information compiled by Mr. Robert Behets, who is a Fellow of The
Australasian Institute of Mining and Metallurgy and a Member of the Australian
Institute of Geoscientists. Mr. Behets is a full-time employee of the Company.
Mr. Behets has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (The JORC Code) and is a "Qualified Person"
under National Instrument 43-101 - 'Standards of Disclosure for Mineral
Projects'. The Qualified Person has verified the data disclosed in this
report, including sampling, analytical and test data underlying the
information contained in this release. Details in relation to the verification
of the data are included in the notes to Table 1. The QP was satisfied with
the verification process and consents to the disclosure in this release. Mr
Behets consents to the inclusion in this release of the matters based on his
information in the form and context in which it appears.
The information in this release that relates to in-situ Mineral Resources
is based on information compiled by Mr Malcolm Titley of CSA Global Pty. Ltd.
He is a Member of the Australasian Institute of Mining and Metallurgy and has
sufficient experience, which is relevant to the style of mineralisation and
type of deposit under consideration, and to the activity he is undertaking, to
qualify as a Competent Person as defined in the 2004 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (The JORC Code) and is a "Qualified Person" under National
Instrument 43-101 - 'Standards of Disclosure for Mineral Projects'. The
Qualified Person has verified the data disclosed in this release, including
sampling, analytical and test data underlying the information contained in
this release. Mr Titley consents to the inclusion of such information in this
release in the form and context in which it appears.
Forward Looking Statements
This report contains 'forward-looking information' that is based on the
Company's expectations, estimates and projections as of the date on which the
statements were made. This forward-looking information includes, among other
things, statements with respect to the Company's business strategy, plans,
objectives, performance, outlook, growth, cash flow, earnings per share and
shareholder value, projections, targets and expectations, mineral reserves and
resources, results of exploration and related expenses, property acquisitions,
mine development, mine operations, drilling activity, sampling and other data,
grade and recovery levels, future production, capital costs, expenditures for
environmental matters, life of mine, completion dates, uranium prices, demand
for uranium, and currency exchange rates. Generally, this forward-looking
information can be identified by the use of forward-looking terminology such
as 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe',
'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should',
'scheduled', 'will', 'plan', 'forecast' and similar expressions. Persons
reading this report are cautioned that such statements are only predictions,
and that the Company's actual future results or performance may be materially
different.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the Company's actual results,
level of activity, performance or achievements to be materially different from
those expressed or implied by such forward-looking information.
Forward-looking information is developed based on assumptions about such
risks, uncertainties and other factors set out herein, including but not
limited to the risk factors set out in the Company's Annual Information Form.
This list is not exhaustive of the factors that may affect our
forward-looking information. These and other factors should be considered
carefully and readers should not place undue reliance on such forward-looking
information. The Company disclaims any intent or obligations to update or
revise any forward-looking statements whether as a result of new information,
estimates or options, future events or results or otherwise, unless required
to do so by law.
-30-
/For further information: Peter Breese, Chief Executive Officer, Tel: +27
82 8886852; Robert Behets, Executive Director, Tel: +61 8 93226322/
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