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URANIUM OIL AND GAS LIMITED - ASX: UOG
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Description
United Orogen Limited (UOG) is a diversified mineral explorer currently focused on gold and base metals in Western Australia one of the richest mineral provinces in the world. UOG (Uranium Oil and Gas) was originally established in mid 2006 to explore for energy resources. It changed its name to United Orogen in 2009 when it became more focused on the precious and base metals industry. Exploration will be concentrating on the margins of the Yilgarn Craton where it believes the next major mineral discovery will be made.
HORSESHOE PROJECT
This project consists of two granted 100% owned exploration licenses, Horseshoe West E52/2016 covering 83km2 and the smaller Horseshoe South E52/2569 covering 3km2.
Horseshoe West
The Exploration Licence 52/2016 lies between the Horseshoe Lights copper-gold deposit which is 10 km to the east and the Fortnum Gold Mine, a distance of some 12 km to the west. The main target sought is a copper-gold deposit similar to that of the Horseshoe Lights Deposit, which has produced 1.6 million tonnes for 217,500ozs of gold at a grade of 4.29gm/t and 1.7 million tonnes treated for 54,800 tonnes of copper (3.24%); 94,000ozs Gold (1.73gm/t); 2,928,000ozs silver (53.9gm/t) and 52,800kg of mercury (31.3gm/t).
United Orogen have held the ground for over three years and have always believed that the Horseshoe Lights deposit is of the Volcanogenic Massive sulphide (VMS) type and, usually, where ever they occur they occur in clusters, i.e. there are more than one. In this case that belief has been proven true for approximately 75 km to the east Sandfire Resources Ltd have been drilling the DeGrussa Prospect and reporting grades of copper and gold similar, if not better than those mined at the Horseshoe Lights Mine.
The Horseshoe Lights deposit is hosted by the Narracoota Formation in close proximity to the overlying Ravelstone Formation (Thaduna Greywackes). The Degrussa deposit of Sandfire Resources is reported to be in the Narracoota Formation.
The Horseshoe West prospect being explored by United Orogen is occupied by Thaduna Greywackies of the Ravelstone Formation where exposed but much of the ground is covered by sands, clays and gravels. Rock chip sampling has produced up to 52ppb gold and soil sampling has given up to 38 ppb gold. This is important for the area is highly leached. This leads to a depletion of copper in the near surface environment whilst gold tends to remain and is therefore detectable.
Horseshoe South
The Horseshoe South tenement lies 3km to the south of the Horseshoe Lights mine, it only covers 3km² but is known to contain Narracoota Volcanics and is therefore prospective.
Victoria Desert E39/1528
The exploration licence is situated 250km ENE of Kalgoorlie and covers a NW trending magnetic high interpreted to be part of a remnant greenstone belt that may be prospective for gold. To the east and south lies the Albany Fraser Range Province, also prospective for gold, whilst 6km to the NE is the Mulga Rocks uranium deposit.
Previous exploration identified gold and base metals anomalies which were delineated from 900 samples and 70 aircore holes. These were collected from short vacuum drilling with only one sample per hole collected at the hole bottom. UOG will follow up on the anomalies situated in the west and central part of the lease and determine the geochemical profile from shallow auger drilling with numerous samples per hole. This will determine where the mineralisation is reporting in the vertical profile and aid additional sampling in these areas with the aim of identifying drill targets.
Victoria Desert North E39/1594 (Application) & E39/1620 (Application)
Victoria Desert North E39/1594 & E39/1620 are situated 15km to the north of the Victoria Desert licence and covers approximately 110km². Most of the area is underlain by narrow belts of north west trending greenstone within granites interpreted from aeromagnetic surveys. The area is prospective for gold, base metals and Uranium is covered by Tertiary sediments and a narrow salt lake crosses the middle part of E39/1594. Previous exploration included 6 aircore holes and 85 short vacuum holes with one sample per hole and 68 soil samples. It is noted that this exploration was concentrated in the extreme northern part of the tenement north of the salt lake and is interpreted to be underlain by granites. UOG will concentrate exploration on the southern half of the area targeting gold mineralisation where NW trending structures are identified from aeromagnetic data and possible palaeochannels for Uranium.
Gunnedo Project (ELA69/2808)
The Project area is located within the Eucla Basin approximately 450km east of Kalgoorlie, lies partly on the Gunnedorah Pastoral Lease and covers an area of 132km². Access is along the Transcontinental Railway line.
Previous exploration is limited and includes aeromagnetic and gravity surveys and two partly government funded (50%) diamond holes drilled to a depth of 400m each. The explorers were targeting possible nickel sulphide mineralisation within a north easterly trending zone of magnetic anomalies coincident with a gravity high. No significant nickel mineralisation was intersected. UOG believe the basement is the Achaean Craton and is targeting base metals and gold and will review all the data and core collected from the holes, with a view to utilising the holes for a possible down hole EM survey to detect any deep conductors and possible mineralisation. The targets are deep and are based on geophysical responses such as gravity and magnetic.
UOG are new to the area but major companies such as Teck have been exploring in the area for several years. An initiative by the state government helps to co-fund exploration drilling and is part of the Exploration Incentive Scheme (EIS) funded from Royalties for Regions. As part of this initiative four deep holes will be drilled in the area during the coming year, two by Teck Australia, one by Richmond Mining Ltd and one by General Mining Corporation. This exploration area is grass roots and new but the potential is for large deposits.
Mine For
gold, uranium, oil, gas, copper
Location of operation(s)
Western Australia
Address
113 Mackie St
VICTORIA PARK, WA, AUSTRALIA
Phone
(61 8) 9361 7322
Website
Last Updated
19/01/2011
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.
