Leichhardt JV (A25, Big Dip)
LEICHHARDT JV – Spider EPM 14367 (DYL earning 50%)(October 2009)
Under a Letter Agreement, DYL is negotiating access to EPM 14367 as an Earn-In Joint Venture with Universal Resources Ltd. Terms and conditions of the Joint Venture have previously been announced to the ASX.
The tenement contains a number of surface radiometric anomalies in Haslingden Group rocks, the host to all major uranium deposits and occurrences in the immediate Mount Isa area. The tenement is located 10 km north of Summit’s/Paladin’s Anderson deposit and southeast of their Valhalla, Skal and Bikini deposits.
A field visit by DYL to the two main anomalous areas A25 and Big Dip identified extensive zones of hematite-albitite-silica-carbonate alteration returning XRF uranium values of 470 and 360 ppm U3O8 respectively.
Figure 1: DYL Mount Isa Projects (click to view expanded)
Historic exploration over the tenement was typical of the area and comprises surface trenching and shallow RC/diamond drilling. Surface values for grab samples ranged up to 4,000 ppm U3O8 with visible carnotite mineralisation seen at surface. Universal identified 17 surface anomalies of varying intensity that needed further evaluation.
A field visit by DYL to the two main anomalous areas A25 and Big Dip identified extensive zones of hematite-albitite-silica-carbonate alteration returning XRF uranium values of 470 and 360 ppm U3O8 respectively.
A25 Prospect – Hematite-Albitite-Silica Altered Basalt (click to view expanded)