Bannerman updates uranium resource at Goanikontes

A new National Instrument 43-101 resource estimate for the Goanikontes Anomaly A uranium deposit in Namibia brings good tidings for Australian junior Bannerman Resources (BAN-T, BMN-A).

Using a cutoff grade of 0.01% U3O8 (100 parts per million), Goanikontes contains an indicated resource of 25 million tonnes grading 0.0234% U3O8 (234 parts per million).

In addition, the inferred resource measures 136.4 million tonnes grading 0.0197% U3O8 (197 parts per million).

The resource was based on 223 reverse-circulation holes and 19 diamond- drill holes Bannerman drilled on Anomaly A over a strike length of about 2.2 km.

A combination of chemical assays and radiometric data was used for the calculation. The drill holes were spaced 50 by 50 metres, 50 by 100 metres, and 100 by 100 metres.

The bulk of the resource was modelled down to a depth of about 300 metres, the company says. But drilling is ongoing with a view to producing a final resource to a depth of about 400 metres by the second quarter.

Bannerman expects to begin a bankable feasibility study this year and bring its Goanikontes deposit into production by early 2011.

There are still about 20,000 drill samples awaiting chemical assays, so a large proportion of the resource was modelled using radiometric data.

As a result, resource consultants Coffey Mining categorized the greater proportion of the resource as inferred. A small area of closer spaced drilling with largely chemical assay results, was classified as indicated.

Goanikontes Anomaly A contains alaskite-hosted mineralization similar to the world-class Rossing uranium mine, located 20 km northeast.

The Rossing mine, majority owned by Rio Tinto (RTP-N, RIO-L), is the world’s largest open-pit uranium mine. It has been producing uranium for the last 31 years and has a reserve of 37,000 tonnes U3O8 and a resource of 135,000 tonnes.

Goanikontes Anomaly A is situated in Namibia’s central coastal region, about 30 km southeast of the busy tourist town of Swakopmund and about 40 km from one of Southern Africa’s major ports, Walvis Bay.

The anomaly is one of 10 found in the area known as the Palmenhorst Dome.