Major drilling programme to commence at Rio Puerco uranium project
• Australian-American Mining Corporation Limited to immediately commence a major drilling programme at the Rio Puerco uranium project located in the Grants Mineral Belt, a world class uranium district in the state of New Mexico in the United States of America
• A thirty five hole, 7,700 metre programme is planned and will take 4-6 months to complete
• Current JORC inferred resource is 11.4 million pounds grading 900 ppm using a 300 ppm cut-off
• Positive results from this exploration program could increase the known resource 2-5 times (1)
• Objectives of the current drilling programme is to;
(1) Validate/confirm historic data
(2) Increase the current resource from 11.4 million lbs.
(3) Move greater percentage of the current JORC/NI 43-101 resource from inferred into the indicated and measured category
(4) Drill parts of the project that have historic resources but lack detail information in AusAmerican’s database
(5) Provide core for metallurgical test work which will, amongst other things, assist in validating the amenability of the project to ISR
(6) Test soil gas hydrocarbon (SGH) methodology over known resource which will assist with Greenfield exploration at the project
Australian-American Mining Corporation Limited (“AusAmerican” or ‘The Company’) today announces that the Board has approved the company’s major drilling programme at the Rio Puerco uranium project located in the State of New Mexico in the United States of America (“USA”).