Valencia East is located within the existing fully permitted Valencia Mining Licence, ML 149.
To view FIGURE 1. Locality of Valencia East, please visit the following link: http://media3.marketwire.com/docs/FIGURE1-fsy.pdf.
Geology
The geology in Valencia East is very similar to that of the Valencia Main deposit with uranium mineralization associated to post D3 deformation anatectic alaskite intruding in stock-like bodies into Meta-sediments of Nosib and Swakop Group (see Figure 2). The preferred intrusion path is along Khan Rossing Fm boundary and the structural weakness zones created by complex folding.
The structure strikes NE/SW and is dipping steep to the SE.
To view FIGURE 2. Surface geology of Valencia East, please visit the following link: http://media3.marketwire.com/docs/FIGURE2-fsy.pdf.
Valencia East is the structural extention of Valencia Main and forms a tightly packed sequence of upper Nosib and lower Swakop Group lithologies dipping steeply to the SE. The sequence is trending NE/SW and alaskites are intruding in stock work like bodies subparrallel to the main contacts (Figure 3).
To view FIGURE 3. General structure of Valencia E with D-type alaskite intruding along Rossing Marble contacts, please visit the following link: http://media3.marketwire.com/docs/FIGURE3-fsy.pdf.
Mineralisation
The alkaline leukogranite, also known as alaskite is moderately to highly radioactive on surface (see Figure 4) and continues to depth beyond current drill cover. It is characterized by a coarse grain texture, frequent smoky quartz clusters and the occurrence of secondaries in the form of yellowish uranophane-group minerals along micro-cracks and/or mineral boundaries.
To view FIGURE 4. Radiometric footprint of the Valencia East area, please visit the following link: http://media3.marketwire.com/docs/FIGURE4-fsy.pdf.
Phase 2 Drilling Program
The 2013 Valencia East drilling program is now underway. The program is being scheduled for completion by mid 2013. The Company has an approved budget of US$0.5 million to complete this phase of drilling which will include a total of 31 percussion drill holes.
NORASA - CONSOLIDATED NAMIBIAN PROJECTS
The Company has consolidated its various projects in the Erongo region and collectively they will be known as Norasa. The location of each project and details of the stage of development and or resources are detailed in Figure 5 and below:
To view FIGURE 5. Locality map showing Valencia and Namibplaas licenses in spatial relation, please visit the following link: http://media3.marketwire.com/docs/Figure5-fsy.pdf.
- Valencia Main: Mineral Resources of 143.80 Mt, grade ppm eU3O8 191 for 60.5 Mlbs U3O8 including Reserves of 148.0 Mt, grade ppm U3O8 172 for 56.0 Mlbs. - Valencia East: Highly prospective ongoing exploration site. - Valencia North (previously "Joly Zone"): A prospective exploration target with 825.5m drilled from 5 diamond drill holes and 451m drilled from 3 percussion holes. Renewed drilling activity is expected to commence in H2 2013. - Namibplaas Main: Mineral Resources of 99.5 Mt, grade ppm eU3O8 152 for 33.4 Mlbs U3O8.
