Extract up 40% on strong drill results

Shares in uranium miner Extract Resources Ltd soared almost 40 per cent today to close at 81 cents following the announcement of significant drilling results at Garnet Valley on its Husab Uranium project in Namibia.

Its shares began the day at 71 cents, gaining 22 per cent on a previous closing price of 58 cents.

The South Perth-based company received assay results from RC drilling on the southern end of Garnet Valley, up to 520 metres south west of, and along-strike from the current zone being modelled for inclusion in the impending maiden resource estimate.

The results represent the best RC assays received by the company to date, with exceptional widths at medium to high grades.

The new results will not be incorporated in the company's maiden resource, but Extract said they clearly indicate that increases in subsequent resource estimates are likely.