Gladiator Resources Limited (GLARF) Highly Mineralized Sandstones at Foxy Project

Gladiator Resources Ltd (ASX:GLA) (OTCMKTS:GLARF) is pleased to provide an update on the Foxy Project, located in southern Tanzania.

- Ground radiometric survey completed. Highly mineralised sandstones at surface and historic drillhole collars located.

- 2008 drillhole with a thick intersection of 6m @ 213ppm U3O8 (from 27m) mineralisation possibly extending down-dip but never followed up.

- Drilling is required to test the possible down-dip extension of mineralisation.

Foxy Project

Since acquiring the Foxy Project Gladiator has yet to carry out detailed field work there. Reverse Circulation (RC) drilling carried out to test an airborne radiometric anomaly by previous owner Western Metals Limited (WM) in 2008 intersected uranium mineralisation with a best interval of 6m @ 213ppm U3O8 from 27m depth in hole FRC014. This hole was positioned at the western end of the drilled area (Figures 1 and 2*), presenting the possibility that mineralisation extends beyond it. The 2008 drilling was limited, with holes being 40 m apart and only 2-4 holes on a line (Figure 2*).

Mineralisation is hosted by coarse sandstones of the Karoo Supergroup. Given that some Karoo sandstone hosted deposits in southern Africa are thin or absent close to surface, further exploration is warranted to test the area down-dip of the holes drilled by WM. Figure 4* is a section through the Gwabi deposit in Zambia (held by Goviex Uranium Inc.), an example of(Karoo-sandstone hosted) mineralisation which thickens and becomes higher grade down-dip (to the right on the section). Gladiator's own Likuyu North deposit is similar in this regard - in this setting, drillholes are needed to test 200m or more down-dip, initially on a 50-100m spacing (Figure 1*).

Recent preliminary fieldwork and proposed further work program

A radiometric survey was completed by Gladiator to better define the anomalous area, which has approximate dimensions of 900m by 250m (Figure 1*). The fieldwork identified mineralisation hosted within coarse flat to gently dipping oxidized sandstone layers, exposed at surface in places (Figure 3*). These rocks may be equivalents of the sandstones of the Mkuju Series which hosts the very large Nyota deposit being developed by Uranium One (Figure 5*). Foxy appears to be on the opposite side of the Selous basin from Nyota and may be an area with potential that has been overlooked to date.

Historical drillhole pads were located to verify the positions of the 2008 holes. The next step would be to step-out to test the potential extension of mineralisation down-dip to the northwest.

An aircore rig should be well suited as the formations are soft and the target relatively shallow (<120m). The board is reviewing the opportunity and may resolve to commission the proposed work program at a future date.

*To view tables and figures, please visit:
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Matthew Boysen
Non-Executive Chairman Matthew@gladiatorresources.net

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