21/02/2008 - 13:30

Haddington shares up on uranium drill results

21/02/2008 - 13:30

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Shares in West Perth-based mineral explorer Haddington Resources Ltd soared as high as 66 per cent in intraday trade, following better than expected uranium findings at its Shoobridge project in the Northern Territory.

Shares in West Perth-based mineral explorer Haddington Resources Ltd soared as high as 66 per cent in intraday trade, following better than expected uranium findings at its Shoobridge project in the Northern Territory.

Its shares hit a high of 35 cents each earlier in the day, before easing back to 30 cents at the close- a 42.8 per cent gain on the previous closing price.

Haddington managing director Colin McCavana said it was extremely excited by the potential of the Liberator Prospect and surrounding Shoobridge Project to host high grade uranium resources for future development.

Shoobridge is located 200 kilometres south of Darwin and comprises eight granted tenements totalling approximately 345 square kilometres.

"The results, including 1m at 18.1 per cent U3O8 from 40m, are truly spectacular, possibly the best reported in Australia for decades," Mr McCavana said.

In December 2007, Haddington completed its reverse circulation drilling program (18 holes for 920m) at the Liberator uranium prospect, which forms part of the Shoobridge project.

Spectrometer measurements from the RC drill cuttings indicated two significant zones of uranium mineralisation, each of approximately 3m downhole length.

"In the June quarter, following the wet season, Haddington will undertake detailed drilling to determine the extent of this discovery," Mr McCavana said.

 

 

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