1st Sep 2009 10:05
1 September 2009
Polo Resources Limited ("Polo" or "the Company")
Extract Resources provides Rossing South Exploration Update - Zone 3 Emerging
Polo Resources (PRL), the AIM listed mining company with uranium and coal interests in Africa, Australia, Europe and Asia, is pleased to report that Extract Resources Limited ('Extract'), in which Polo holds a 9.06% interest, has announced confirmation of additional zones of uranium at Rossing South.
Highlights:
Zone 3 - Chemical assay results confirm strong uranium mineralisation, 1.2km south of the current Zone 2 resource area.
Strongly anomalous hand held spectrometer results, 2.5km southwest of the current Zone 2 resource area.
Eight holes completed so far at the Salem prospect, 10km south of Rossing South. All have returned numerous mineralised intercepts.
Chemical assay results not previously reported from recent drilling at Rossing South include:
|
HOLE ID |
FROM (m) |
To (m) |
Mineralised zones (U3O8) |
|
Zone 1 |
|||
|
RDD030 |
84 |
164 |
80m @ 838 ppm |
|
RDD041 |
254 |
299 |
45m @ 1045 ppm |
|
RDD049 |
235 |
271 |
36m @ 821 ppm |
|
RDD396 |
188 |
278 |
90m @ 796 ppm |
|
Zone 2 |
|||
|
RRC388 |
263 |
283 |
20m @ 1420 ppm |
|
RRC389 |
335 |
380 |
45m @ 781 ppm |
|
RRC342 |
241 |
285 |
44m @ 1251 ppm |
|
RRC374 |
175 |
264 |
89m @940 ppm |
|
RRC379 |
151 |
207 |
56m @ 1079 ppm |
|
RRC382 |
128 |
203 |
75m @ 1445 ppm |
|
RRC385 |
169 |
184 |
15m @ 2079 ppm |
|
RRC387 |
135 |
165 |
30m @ 911 ppm |
|
Zone 3 |
|||
|
RRC414 |
294 |
366 |
72m @ 676 ppm |
|
Including |
294 |
325 |
31m @ 589 ppm |
Neil Herbert, Managing Director of Polo Resources, said,
"The rapid growth of Zones 1 and 2 is now being complimented by the potential of a third zone of mineralisation along the same Rossing South trend. Extract's management has consistently under-promised and over-delivered and we expect rapid development of the Rossing South Project which has the potential to become one of the world's largest operating uranium mines."
The full details of Extract's announcement can be found at www.extractresources.com.
Contacts:
|
Polo Resources Limited Neil Herbert, Executive Deputy Chairman |
+ 27 82 404 36 37 |
|
Canaccord Adams Limited Mike Jones/Ryan Gaffney |
+ 44 (0) 20 7050 6500 |
|
Financial Dynamics Ben Brewerton / Ed Westropp |
+ 44 (0) 20 7831 3113 |
Mr. Douglas Christopherson is the responsible Qualified Person, for the preparation of the technical information in this announcement. Mr. Christopherson is founding Registered Member (Member Number 558900RM) of the Society for Mining, Metallurgy and Exploration Inc. (SME) and a member of The South African Institute of Mining and Metallurgy (SAIMM).
About the Company
Polo is an emerging energy company focused on acquiring and developing advanced stage uranium and coal properties. For complete details on Polo Resources Limited, management encourages investors and interested parties to view its public documents filed on AIM Exchange at www.poloresources.com.
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of Polo Resources Limited. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Polo Resources Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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