Uranex soars on major discovery

Shares in uranium explorer Uranex have jumped over 30 per cent today, after it released spectacular drilling results at its Mkuju uranium project in Tanzania.

At close of tradeUranex' stock had gained 30.7 per cent, to trade at 42.5 cents.

The company said the discovery was made at its Likuyu North prospect at Mkuju, where high grade uranium intercepts including 68 metres grading 1,094 parts per million uranium oxide were encountered during initial aircore drilling.

Other uranium intercepts included 64 metres grading 748 parts per million uranium oxide and 50 metres at 327 parts per million uranium oxide.

The intercepts occur adjacent to a high-grade zone discovered by Uranex in 2010.

Uranex said a second aircore rig had been mobilised on site to accelerate drilling programs, while a third multi-purpose rig capable of diamond drilling would arrive on site in June.

"The addition of the second and third drill rigs will enable the company to progress this exciting new discovery as quickly as possible," Uranex said in a statement.