NordX Metals Corp reports 2.35m at 0.62% uranium oxide at Riutta
The first hole's 1.1-metre section graded 1.10 per cent, while assays from 18 more drilled holes remain outstanding.
Ines Halvorsen
Sept. 30 assay results showed 2.35 metres grading 0.62 per cent uranium oxide from 9.4 metres downhole in Riutta's first diamond hole, NordX Metals Corp. CNSXNRDX OTCMKTSNRDMF said Wednesday. An included 1.1 metres graded 1.10 per cent, giving the company a shallow interval to test against results from the rest of its Finnish drill program.
The OTCMKTSNRDMF quote listed NordX's U.S. shares at US$0.34 as of 4 p.m. EDT on Sept. 29, before the assay release.
The assayed hole, SWM26001, reached a depth of 39 metres. NordX placed its collar about 40 metres north of a historical AREVA hole to test whether the uranium-bearing structure continues along strike. The company said the reported interval is a downhole length and its true width has yet to be determined.
Because its true width is unknown, the first interval does not establish the structure's thickness. The new result confirms uranium in the first hole under NordX's revised drilling orientation, while assays from nearby holes will test the structure's continuity. NordX has drilled 19 holes totalling about 995 metres, with results reported for only one.
The current plan calls for 20 holes and about 1,070 metres across Ristimonttu, Unimonttu and Kolmosviuhka. NordX's Sept. 9 plan allowed for 1,000 to 1,500 metres. The Sept. 30 planned total of about 1,070 metres is near the lower end of that range.
"This first hole returned significant uranium mineralization at shallow depth and supports our revised structural interpretation of the Riutta system," NordX president and director Jon Franklin said in the release.
NordX says its review of older drill data found that many holes ran sub-parallel to the structure it now wants to test. The current program uses revised drilling directions to cross a proposed north-northwest trend with a steep west-southwest dip. The remaining assays will show whether those directions cut mineralization beyond the first hole.
Riutta's Exploration Permit Covers About 945 Hectares
As of Sept. 30, NordX's project page lists Finnish exploration permit ML2025:0023 as covering about 945 hectares through Swedish Minerals AB. That page also says Riutta has no current mineral resource or reserve. The newly assayed interval therefore adds a measured point to the exploration record, but does not establish the size of a deposit.
NordX's Sept. 30 release compares the hole with a historical AREVA interval of 11.3 metres grading 0.68 per cent uranium oxide from 21.2 metres downhole. The earlier result has not been independently verified by a qualified person, the company says, and should be treated cautiously.
The company divided the planned program among 13 holes at Ristimonttu, five at Unimonttu and two at Kolmosviuhka. Each target was selected using historical drilling, geophysics, geochemistry and NordX's reinterpretation of the uranium-bearing structures.
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NordX has assays outstanding from the other 18 holes drilled by Sept. 30. It expects to finish the remaining Riutta drilling by Oct. 2, bringing the program to 20 holes and about 1,070 metres.
