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TheStreet Open House

Tournigan Takes Final Steps To Become European Uranium Resources Ltd.

Stocks in this article: TGP

Kapell Project

The Kapell Project in central Sweden comprises a 15 kilometre trend with potential for roll-front type sediment hosted uranium mineralization. Exploration licenses cover an area of 4,379 hectares. To date three target areas have been identified: Aviken, where drill intercepts of 2.65 metres at 1.54% eU3O8 (“eU3O8” is equivalent U3O8 based on radiometric logging) beginning at a depth of 21.8 metres and 2.65 metres at 1.05% eU3O8 beginning at a depth of 3.2 metres have been reported: Solvbacktjarn where a drill intercept of 1.55 metres at 2.38% eU3O8 beginning at a depth of 8.35 metres has been reported; and Tossassjon, where 18 mineralized outcrops and 392 mineralized boulders have been identified over a strike length of 1.6 kilometres.

Aronsjo Project

The Aronsjo Project is an early stage property considered prospective for breccia-hosted uranium mineralization in sodium metasomatized granites. Exploration licenses cover an area of 1,844 hectares.

Finland

Nuottijarvi Project

The Nuottijarvi uranium deposit is located in north-central Finland about 35 kilometres northeast of the town of Kajaani. The project area comprises one exploration license covering an area of 96 hectares. Nuottijarvi was discovered in 1959 by Outokumpu Oy, who explored the property intermittently until 1969, conducting radiometric and magnetic surveys and electromagnetic surveys and geologic mapping. A total of 6,679 metres were drilled in 43 diamond drill holes. Outokumpu also extracted an 867 tonne bulk sample which had an average grade of 0.05% U3O8 and 1.10% P.

Uranium mineralization at Nuottijarvi occurs as uraninite associated with fluorapatite breccia, hosted by a carbonate-apatite horizon at the contact between quartzite and graphitic breccia. The mineralized body is approximately 40 metres thick, extends from surface to a vertical depth of 80 metres, trends over a strike length of 400 metres and remains open along strike and at depth.

On September 8, 2010, Mawson filed on its company profile on www.sedar.com a technical report dated August 6, 2010, entitled “Report on the Geology, Mineralization and Resource Estimation of the Nuottijarvi Uranium-Phosphate Deposit, Central Finland”, written by John Nebocat of PGS Pacific Geological Services and Geoff Reed of Reed Leyton Consultants. The authors prepared a resource estimate of the Nuottijarvi deposit on behalf of Mawson. This resource estimate comprises an Inferred Resource of 2.0 million tonnes averaging 0.074% U3O8 and containing 3.27 million pounds of U3O8 using a cut-off of 0.03% U3O8. The estimate was based on 43 diamond drill holes totaling 6,679 metres, drilled on a 50 metre by 50 metre drill pattern. Tournigan considers this resource estimate to be relevant but Tournigan has not independently verified the estimate. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and Tournigan is not treating the historical estimate as a current mineral resource.

A program of metallurgical studies is recommended to determine what proportion of the uranium is contained in uraninite versus apatite (a phosphorus-bearing mineral) and whether the uranium is separable from the phosphorus. In addition, further drilling should be done to test for lateral and depth extensions of the deposit. In due course after this work is completed, Tournigan may elect to verify and update the historical resource estimate.

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