thanks greggy for the info I will have a read of there site... =
Hi motion,
To save you some time, the following is a summary of the RM Research report:
_ Palace Resources Limited (“Palace”) holds 100% of the uranium rights to a
large land holding (approximately 12,400km²) in Northern Australia that is
highly prospective for uranium mineralisation;
_ The ground position includes 100km of strike of unconformity-style targets
(Alligator River and Athabasca Basin type deposits) as well as a number of
secondary calcrete (Yeelerie -type) and palaeo-channel targets;
_ A number of geological targets delineated to date have large coincident
uranium radiometric anomalies – including a 7km radiometric anomaly within
a palaeo-channel at Lake Teague;
_ The Company’s ground package has only been lightly explored for uranium
as programmes were curtailed by Federal Government policy in the 1980’s;
_ Palace’s Tanami and Lake Teague Projects are close to uranium
mineralisation hosted in very similar geological settings;
_ Previous sampling at the Marla Project has uncovered anomalous levels of
uranium;
_ A number of near-surface anomalies at the Tanami and Lake Teague
Projects warrant immediate investigation with good potential to delineate drill
targets in the near term;
_ Palace has a highly experienced Board of Directors with extensive exposure
to the Australian resource industry;
_ The Company will also continue to investigate new project acquisition
opportunities in the resources sector with the aim of investing in initial
exploration and seek joint ventures once exploration targets have been
sufficiently defined - therefore maximizing returns on funds invested;
OUTLOOK
_ Palace is a NT and WA focused uranium explorer with a large land holding of
prospective exploration ground in Northern Australia. The Company’s
projects have surface anomalies requiring immediate investigation with early
potential drill targets at the Tanami and Lake Teague Projects;
_ Anecdotal evidence from previous explorers in the Tanami Complex suggest
that many previously identified radiometric anomalies and possibly drill and
surface sample results were not recorded due to the negative sentiment
towards uranium together with other sensitivities suggesting to RM Research
that the prospectivity of the region is significantly higher than previously
thought;
_ Investor interest is likely to remain high with companies such as Northern
Uranium (ASX: NTU), who hold adjacent uranium tenements to Palace in the
Tanami Complex, is likely to remain high. Notably Palace’s undiluted market
capitalisation is only around A$12m compared to A$66m (undil) for NTU.
DYOR