International Consolidated Uranium Inc announced final results from work programs at the Mt. Roe Gold Project located south of Karratha in Western Australia. The program was designed to follow up on some key targets on the Sholl and Prinsep tenements. A total of 148 samples (5 silts, 139 soils, 7 rocks) were collected during this program with select results reported below.
High-Grade Silver Copper and Zinc Values – Rock sample SAR002, taken from the MAG silver target area, returned values of 2,057 g/t Ag, 1.1% Cu and 1.03% Zn.
Focus Remains on Uranium – Four uranium projects in two countries have been secured under option agreements so far in 2020 with plans to continue to grow the portfolio.
Evaluating Options for Non-Core Gold Assets – Both Mt Roe in Western Australia and Kuulu in Nunavut remain attractive projects for divestiture, JV or spin-out.
Philip Williams, CEO commented "This is quite an exceptional result from the recent sampling program at Mt Roe. Mineralization of this tenure is not unprecedented in the area with historical production at the nearby Elizabeth Hill Silver Project, according to Alien Metals*, totaling approximately 16,800 tonnes grading 2,195 g/t Ag (70.24 oz/t Ag) generating 1,170,000 ounces, including some very large specimens of native silver. With our transition to leading global consolidator of uranium project gaining traction with investors and counter parties alike our gold projects remain non-core. Today's results highlight the strong potential of Mt Roe and put the company in good position to deliver a favourable outcome to our shareholders on divestiture of the project."
The work program on the Sholl and Prinsep tenements included work on a structure hosting significantly anomalous silver values, expanding two soil grids on inferred property scale structural corridors and further definition of a drainage basin using silt sampling. The MAG silver target area is currently a poorly defined shear zone corridor that had initial prospecting samples return strong assay values. Follow up work has consisted of confirmatory rock samples and a soil grid across and along the structural corridor of interest designed to further establish and expand the footprint of this potential prospect.