Uranio surges 250% on uranium resource

Shares in Uranio have skyrocketed as much as 250 per cent as the uranium explorer unveils the state's ninth largest uranium deposit at its Ponton project.

The West Perth-based company said resource consultants Hellman & Schofield had delineated a 10.9 million pound uranium oxide resource at the Double 8 prospect, located within Ponton.

The project is located near Energy and Minerals Australia's Mulga Rocks project, in the Eastern Goldfields, which has a resource of 54 million pounds uranium oxide.

Uranio today said there existed further mineralisation potential at Double 8 of between 6.6 and 15.4 million pounds of uranium oxide.

In their report Hellman & Schofield also noted Paladin Energy's 1999 annual report that estimated Double 8 could potentially hold 20,000 tonnes or 44 million pounds of uranium oxide.

The company is currently progressing its exploration application for the majority of the Double 8 prospect which lies in the northwest corner of the Queen Victoria Spring Nature Reserve.

Shares in Uranio, which were previously in a trading halt, jumped from 10 cents to an intraday high of 35 cents, before closing at 18 cents.