GCM Resources Plc (GMC)

GCM Resources Plc (GMC)

GCM AND AURA LOCATES URANIUM MINERALISATION IN ITS NEWLY AWARDED LICENCES IN MAURITANIA

GCM Resources plc ), in alliance with Aura Energy Limited, is pleased to announce that it has been granted three uranium exploration licence areas in Mauritania. The licences cover 3600 km2 in Mauritania which is known for uranium mineralisation and multiple radiometric uranium anomalies.

Highlights

•         Uranium mineralisation, in the form of uranium vanadate, has been observed in all three licences in seven widely spaced shallow pits at grades ranging from 158 ppm to 3270 ppm U. (from individual 2 kg samples)

•         The licences contain multiple strongly anomalous uranium channel radiometric zones outlined from airborne surveys ranging in area up to 3.5 square kilometres.  The mineralised pits lie on five of these  anomalous features

•         The licences cover 3600 km2 in the uranium-bearing Requibat Shield in northern Mauritania


The three newly acquired licences contain strongly anomalous uranium channel radiometric zones ranging in area up to 3.5 square kilometres, defined by airborne surveys.  Recent field reconnaissance by Aura within these areas located visible uranium mineralisation (uranium vanadate) in each of seven shallow pits (to 1.2m) on five separate radiometrically anomalous zones. Uranium grades associated with visible uranium  mineralisation in the pits range from 158 ppm to 3270 ppm U, with four of the pits returning assays greater than 2000 ppm U. The limited reconnaissance work to date has not indicated whether the uranium mineralisation extends below these shallow pits.

The licences cover predominantly Precambrian granitic intrusive rocks with remnants of meta-sedimentary and volcanic rocks.  Drainage channels and calcrete occurrences occur within the licences and offer sites for uranium concentration.   Two of the licences (Oum Ferkik and Oued el Foule Est) have been covered by high quality regional airborne radiometric / magnetic survey on 700m spaced lines.  Most of the third licence (Ain Sder) has not been covered by this airborne survey.  However, the small portion of the Ain Sder licence which does have airborne survey coverage has strong radiometrically anomalous zones associated with visible uranium mineralisation.

As far as Aura /GCM are aware the areas have had little, if any, previous systematic exploration for uranium.  Mauritania has a developed mining industry, a government supportive of exploration and development and keen to attract foreign investment, and extensive geological, geophysical and geochemical databases.  The country was ranked 11th in the world in terms of investment risk in a recently published survey of resource company executives (ahead of countries with very active mining industries such as Mexico, Argentina, Brazil, Tanzania).

The Aura / GCM Alliance has been actively pursuing opportunities in Mauritania, and has a further 11 applications for uranium exploration licences pending in the country.

Steve Bywater, GCM's Chief Executive commented:

''We are pleased to announce that uranium mineralisation has been observed in all three areas where we have recently received licences for uranium exploration. We are very positive about this project and the future projects in the Aura / GCM African Uranium Alliance.'

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