Bannerman Resources Limited
TSX : BAN
ASX : BMN

Bannerman Resources Limited

October 22, 2009 05:15 ET

Bannerman Intersects New Mineralised Zone & Announces Further Resource Drilling Results

PERTH, AUSTRALIA--(Marketwire - Oct. 22, 2009) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) ("Bannerman" or the "Company") announces the intersection of a new mineralised zone named "Hyena" located 1km south of the primary Anomaly A prospect within its Etango Uranium Project in Namibia, southern Africa. In addition, Bannerman announces further encouraging infill resource definition drilling results within the Onkelo and Oshiveli Prospects at Etango. (Maps, supporting figures and tables with all drill results referenced in this release are available on the company website, www.bannermanresources.com)

The results reported in this news release reflect drilling completed since Bannerman's previous update on September 15, 2009. The identification of the mineralised zone at Hyena has occurred during the initial phases of exploration drilling to the south of the Anomaly A deposit.

  • Hyena - The newly discovered mineralised zone at Hyena contains alaskite-hosted uranium mineralisation similar to the other Etango Project deposits. To date, results have been returned from 42 RC drillholes at Hyena with 20 of these drillholes intersecting significant mineralisation. In particular, the intersections in drillholes GHYRC0007 and GHYRC0008 are shallow, broad and high grade. Highlights include:

Drillhole No.
From Depth
(m downhole)
Downhole Interval
(m)
Grade
(ppm U3O8)
  GARC05467615237
  GARC05475728208
  GHYRC000784161,021
  GHYRC00086535314
  GHYRC00115684210
"15132263
  • Onkelo - Results of the infill resource definition drilling program from a further seven diamond and 16 RC drillholes have confirmed the near-surface broad zones of uranium mineralisation encountered in previous drilling. The drilling has also largely filled the previously undrilled gap between the Onkelo and Oshiveli Prospects. Highlights include:
Drillhole No.From Depth
(m downhole)
Downhole Interval
(m)
Grade
(ppm U3O8)
GNKDD0001150.613.0300
GNKDD000321.810.8243
GNKDD0004From surface83.3236
including72.011.3616
GNKDD0005141.313.5304
161.631.2385
GNKDD0007From surface18231
GNKDD000826.644.9270
"152.039.3299
GNKRC0078515381
GNKRC00802165231
GNKRC00823831331
including3813561
GNKRC008711016435
GNKRC0090From surface16324
"8214296
GNKRC00921477356
  • Oshiveli - Results from one of the infill diamond drillholes and a further 18 of the infill RC drillholes, all of which intersected significant mineralisation, include:
Drillhole No.From Depth
(m downhole)
Downhole Interval
(m)
Grade
(ppm U3O8)
GSHDD0003828.81,218
158.035.7334
GSHRC01237438227
GSHRC01264817242
GSHRC012719438325
GSHRC012823217294
"25749227
"31240337
GSHRC013019014280
GSHRC013121712275
GSHRC01334032255
"12939266
"18410477
"21810463
GSHRC01343011366
"12945225
"18114254
GSHRC013621637373
"27752361
GSHRC01387624540
GSHRC01398821381
GSHRC01402721223
"9932308
including11712579
GSHRC01411424639
including16101,215
GSHRC0142514265
"5320213
"8818348

Bannerman CEO Len Jubber said: "The identification of the mineralised zone at Hyena is an exciting addition to the Etango Uranium Project, being only 1km south of the Anomaly A resource. The proximity of Hyena to the existing resource indicates the potential for additional mineralisation to be incorporated into the Etango resource estimate. The infill drilling results at Onkelo and Oshiveli are also very encouraging, indicating further near-surface and higher grade mineralisation which could be incorporated into the mining plans."

"Bannerman is on target to report the preliminary feasibility study results over the coming months, and in the meantime continues to undertake resource definition, sterilisation and near-project exploration drilling programs."

Regulatory Disclosures:

Bannerman Resources Limited ("Bannerman") manages its drilling and assaying activities in accordance with industry standard quality assurance/quality control (QA/QC) procedures. Samples are collected by Bannerman personnel and prepared in accordance with specified procedures at the relevant assay laboratories. The primary assay laboratory is SGS in Johannesburg Laboratory site reviews are undertaken. Assay QA/QC involves the use of assay standards (sourced from African Mineral Standards (AMIS) in Johannesburg, made from Bannerman pulp rejects and cross-checked through umpire laboratories for which the round robin reports are available), field duplicates, blanks and barren quartz flushes. A third party "umpire" laboratory (Genalysis in Perth) is used to cross-check and validate approximately 5% of the assay results in accordance with standard procedures. Sample coarse rejects are retained and approximately 5% of samples are re-submitted for further assay verification. All sample pulps are retained at a storage facility in Johannesburg and half-core and rock-chip samples are retained at site.

The information in this release that relates to the exploration results of the projects owned by Bannerman Resources Ltd is based on information compiled by Mr Kieron Munro, Head of Geology of Bannerman and a full time consultant to the Company. Mr Munro is a Member of Australian Institute of Geoscientists, a Recognised Professional Organisation by the Australasian Joint Ore Reserves Committee, who has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify as Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and as a Qualified Person for purposes of National Instrument 43-101 of the Canadian Securities Administrators. Mr Munro consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

The Company has not completed feasibility studies on its projects. Accordingly, there is no certainty that such projects will be economically successful. Mineral resources that are not ore reserves do not have demonstrated economic viability.

Certain disclosures in this report, including management's assessment of Bannerman Resources Ltd's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman's operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full descriptions of these risks can be found in the Company's various statutory reports, including its Annual Information Form available on the SEDAR website, www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman Resources Ltd expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

About Bannerman - Bannerman Resources Limited is an emerging uranium development company with interests in two properties in Namibia, a southern African country considered to be a premier uranium mining jurisdiction. Bannerman's principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto's Rossing uranium mine and to the west of Paladin Energy's Langer-Heinrich mine. Etango is one of the world's largest undeveloped uranium deposits. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango. More information is available on the Company's website at www.bannermanresources.com.

ABN 34 113 017 128

Contact Information

  • Bannerman Resources Limited
    Perth, Western Australia
    Len Jubber
    Chief Executive Officer
    +61 (0)8 9381 1436
    admin@bannermanresources.com.au
    or
    Bannerman Resources Limited
    Perth, Western Australia
    Peter Kerr
    Chief Financial Officer
    +61 (0)8 9381 1436
    or
    Bannerman Resources Limited
    Toronto, Ontario, Canada
    Ann Gibbs
    Investor Relations
    +1 416 388 7247
    ann@bannermanresources.com