Globe spinning around uranium

Mining News

GLOBE Uranium has significantly extended its uranium mineralisation at the Puesto Orozco property in northern Argentina, as well as receiving "highly encouraging" results from reconnaissance rock-chip sampling.

Initial exploration targeted yacoraite rocks, which are host to almost all of the known uranium in the Tonco uranium mining district, 50km away from Puesto Orozco, including the Don Otto mine, which is historically the secondlargest uranium producer in Argentina.

A total of 40 rock chip samples were analysed with best results including 1.5m at 278 parts per million uranium, 4.2m at 168ppm uranium including 1.5m at 301ppm, and 1.1m at 323ppm uranium including 0.4m at 361ppm.

Globe said the results "indicate uranium mineralisation occurs over a strike length in excess of 6km", with the full extent not known, as "exploration is only at an early stage and outcrop is sporadic".

The company is continuing to explore projects within the Salta Province in northern Argentina and expects to start drilling next year.

Meanwhile, reconnaissance explorations programs have been completed at Globe's Livingstonia and Kanyika properties in Malawi, with results from both expected shortly.

Shares in Globe have climbed 6.5c (13.4%) from Friday's closing price to trade at 55c this morning.