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.
