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GREENLAND MINERALS AND ENERGY LIMITED - ASX: GGG
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Description
The company embarked on its foray into Greenland with the acquisition of the Kvanefjeld multi-element deposit (Rare Earth Elements, Sodium Fluoride, and Uranium), where an aggressive exploration strategy is rapidly building a world class multi-element resource. The Kvanefjeld deposit is ideally positioned located only 8km behind the coastal town of Narsaq near the southern tip of Greenland. Narsaq features deep water ports open all year round, offers potential access to hydroelectric power, and serves as an excellent operations base in Greenland. The scale, continuity and near-surface location of the deposit make it ideally suited to bulk-tonnage mining methods, with the multi-element nature of the deposit resulting in a high value/tonne of ore compared to other bulk-tonnage mineral deposit types such as Cu ± Mo ± Au porphyry-type deposits. The Kvanefjeld deposit was previously evaluated as a potential uranium resource by the Danish Atomic Energy Agency through the 1970s. The drill core had been analysed spectrally, so there was no indication of economic concentrations of other commodities aside from uranium. Since acquiring the project in mid-2007 Greenland Minerals and Energy embarked on an aggressive exploration program to further evaluate the Kvanefjeld deposit, with 10,022m of diamond core drilled in the 2007 field season. Upon receiving the initial geochemical assays, the company’s expectations were confirmed. High concentrations of REE elements and NaF correlated strongly with elevated uranium concentrations, demonstrating that Kvanefjeld is a true, multi-element resource. The company moved rapidly to acquire the 11,000m of drill core on which the historic U resource was based, and submitted the core for geochemical assays. In August 2008, the company released a latest JORC compliant inferred resource estimate on the Kvanefjeld deposit: 334 Mt @ 0.03% U3O8 inclusive of 215 Mt @1.21 % REO and 201Mt @ 1.11% NaF. This estimate contains: 2.59 Mt REO, 2.21 Mt NaF, and 101,000 tonnes of U3O8.
Mine For
Rare Earths, Uranium, Tantalite, Zinc
Location of operation(s)
Greenland
Address
Level 1, 33 Colin St
WEST PERTH, WA, AUSTRALIA
Phone
(61 8) 9226 1100
Website
Last Updated
18/01/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.