Buffalo Applies For Thirteen New Uranium/Gold Exploration Tenements In Queensland Australia.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Buffalo Gold Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BUF (BUFfer gate) A logic gate that generates the same output as the input. It is used as a relay to increase power, to add some delay in the circuit and to isolate signals. See logic gate.  .U) is pleased to provide an update on Buffalo's uranium and gold exploration portfolio. While Buffalo will remain firmly focused on its core gold project at Mt. Kare in Papua New Guinea Papua New Guinea (păp`  ə, –y , Buffalo has filed applications to enable it to increase exposure to the uranium market The uranium market, like all commodity markets, has a history of volatility, moving not only with the standard forces of supply and demand, but also to whims of geopolitics. It has also evolved particularities of its own in response to the unique nature and use of this material. by securing a 100% interest in thirteen new uranium and gold prospective tenements in Queensland, Australia through Gold FX Limited ("Gold FX"). On February 9, 2006, Buffalo announced its acquisition of Gold FX, a private Australian company with gold and uranium exploration assets in Queensland and the Northern Territory of Australia. These projects host a number of uranium targets that have been defined based on geophysical airborne radiometric data. The thirteen new licence applications cover more than 4000 km2 with potential for hosting uranium and gold deposits in the Georgetown-Townsville uranium field of Queensland. The target is a hard rock volcanic-type deposit similar to the nearby Maureen Uranium Deposit (1979 indicated resource estimate of 2.38 million tonnes @ 0.12% U3O8 and 0.07% molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. ) and the Ben Lomond Ben Lo·mond A mountain, 973.6 m (3,192 ft) high, of south-central Scotland on the eastern shore of Loch Lomond. Deposit (43-101 compliant indicated/inferred resource of 1.93 million tonnes @ 0.25% U3O8 and 0.15% Mo). On the basis of its relatively high average U3O8 grade and its substantial molybdenum credit, Ben Lomond is one of the highest value per tonne uranium resources outside the Athabaska Basin. In addition to their uranium potential, Buffalo's licence applications have potential to host large intrusion-related gold deposits such as the Kidston gold deposit. No known systematic previous exploration for uranium has been carried out in this area due to the prospective bedrock being covered by younger unconsolidated sediments and alluvium al·lu·vi·um n. pl. al·lu·vi·ums or al·lu·vi·a Sediment deposited by flowing water, as in a riverbed, flood plain, or delta. Also called alluvion. coupled with a general lack of uranium exploration in the past 2 to 3 decades due to market conditions. The licence applications were targeted using airborne geophysical data and geology. Ground was selected after interpretations revealed numerous very large intrusions or cauldron subsidence subsidence, lowering of a portion of the earth's crust. The subsidence of land areas over time has resulted in submergence by shallow seas (see oceans). Land subsidence can occur naturally or through human activity. areas known to be associated with the existing uranium deposits in the district. Intrusions of the style interpreted within Buffalo's new applications have also been documented at the Kidston gold deposit. Preliminary geological interpretation from geophysical data suggests several of Buffalo's licence applications have the western edge of the intrusion or cauldron subsidence area, which is spatially associated with the uranium mineralisation at the Maureen Deposit. Buffalo is considering various strategies to realise value from its exploration portfolio while concurrently remaining focussed on its core gold projects. Mark Dugmore, MAusIMM, is the qualified person for the purposes of NI43-101 that was responsible for the preparation of the technical information disclosed in this news release. To find out more about Buffalo Gold Ltd. (TSX-V: BUF.U), please visit its website at www.buffalogold.ca. On behalf of the Board of Directors of BUFFALO GOLD LTD. Damien Reynolds, Chairman of the Board of Directors and Chief Executive Officer About BUF.U: Buffalo Gold Ltd., headquartered in Vancouver, Canada is actively engaged in exploring and developing mineral properties in Australasia. Management is dedicated to maximizing shareholder value through growth strategies that emphasize careful opportunity assessment and vigilant project management. THE TSX VENTURE EXCHANGE TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS PRESS RELEASE Buffalo Gold Ltd. (TSX VENTURE:BUF.U) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion