Agricola Resources plc

March 03, 2008 04:11 ET

Agricola Resources PLC: High Grade Uranium Results Received From Manakjaure Licence Area, Jokkmokk Region, N. Sweden

LONDON, UNITED KINGDOM--(Marketwire - March 3, 2008) - The directors of Agricola Resources PLC ('Agricola') the Plus Market listed uranium explorer, are pleased to inform that analytical results have been received from local boulder samples found during the 2007 field season in the Manakjaure licence area, Northern Sweden. Highest grade is a boulder containing 7.24 % of uranium. Two further boulders from the same local area contain 2.06 % and 1.35 % of uranium respectively.

The Manakjaure uranium licence is located 85 km northwest of Jokkmokk, Norbotten county, Northern Sweden. It is a lightly forested area of 5.5 Km2.

The geology is predominantly metamorphosed quartzites intruded by a diabase dyke which is associated with irregular lenses of pegmatites, carrying impregnations of uranium minerals.

The prospect was originally found by the Geological Survey of Sweden (SGU) after several high grade, radiometric boulders forming large fields and trails were located in the area. High grade uranium-bearing boulders with grades up to 0.1 % of uranium were identified by SGU. In the mid 1970s a drilling program was carried out in at two locations. The drilling confirmed the presence of uranium in biotite rich pegmatites, at both locations closely associated with the diabase. Numerous zones of fracturing and shearing were also noted with the uranium mineralisation. In the southern target 4 holes penetrated the uranium bearing pegmatite. Average grade in these mineralised drill cores was about 800 ppm of uranium. A 0.5 meter section in one drill hole contained 0.35 % uranium. SGU planned further drilling but such work was not completed.

In the southern part of the area, close to the earlier drill tested area by SGU, scintillometer surveys were conducted by Agricola in late 2007. Very strong readings (greater than 1000 C/S (counts per second)) were located over an area of approximately 100 x 25 m. The readings were obtained on large boulders lying at surface. Several boulders showed yellowish secondary uranium minerals on their surface.

Three of the samples contain extremely high grades of uranium. Highest grade is a boulder containing 7.24 % of uranium and with scintillometer readings at around 10 000 C/S. Two further boulders from the same location contain 2.06 % and 1.35 % of uranium respectively. The samples have been analysed by ALS/Chemex Laboratories at Vancouver, Canada. Enhanced levels of lead and vanadium were also noted in these samples whereas thorium levels were low.

At a later control visit of the boulder field area further boulders with readings up to 13 000 C/S were found. Because of the laboratory concerns relating to radiation safety measures of sample handling these samples have not been submitted for analysis. By analogy to the above results above these may be expected to contain high grade uranium. Early snow conditions prevented further field work.

Sample no assay % Thorium % Lead % V %
MAN 07 001 0.258 0.004 0.049 0.167
MAN 07 002 7.24 0.085 0.87 0.28
MAN 07 003 2.06 0.027 0.35 0.30
MAN 07 004 1.35 0.016 0.29 0.25

Drilling is planned in 2008.

The Directors of the Issuer accept responsibility for this announcement.

All figures are presented in the Agricola website:

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