My apologies as in my anxious state, I realise that my previous comments may have suggested that the Colbern family might influence the company. This of course, is not correct as, although they are close enough to the company to have been given 163 mil options, clearly the independent Directors of the company would always act in the best interests of all shareholders - so my cry for some good news in order to keep the options in play is on behalf of all shareholders and is designed to raise over $3 mil for the company as it commences drilling. The Directors were at pains to point out with the latest share and options issue, how valuable cash is at the moment and even though I don't understand why the 50 mil options were issued to raise a paltry $5000 I'm sure Directors, while acting in the best interests of all shareholders, gave this matter due consideration.
I'm worried that no update has been released as without it the options will expire and $3.2 mil will be gone, but perhaps rather than a sensational start to drilling as we might have expected after all the planning, they have just started slowly as Rossing South did ( as you can see by reading below)
Husab Uranium Project, Zones 1 to 4 Extract announced a new uranium discovery at the Husab Uranium Project in February 2008. Following further resource definition drilling and exploration (which remain ongoing) a study of the feasibility of developing the project was concluded in March 2011. The Husab Uranium Project is located under Namib Desert sand cover with the northern licence boundary shared with the world-class Rössing uranium province. The Husab Uranium Project target is interpreted as being an extension of the same stratigraphy that hosts the Rössing Mine, located 5km to the north and striking 15km onto the Husab Project. Airborne magnetic data clearly indicates the Rössing stratigraphy folds around and trends into EPL 3138. Southern strike extensions of the same stratigraphy that host the Rössing deposits trend under desert sands, which partly explains why there has been no previous exploration in the Husab Uranium Project area. The initial drilling at the Husab Uranium Project commenced in April 2007 and was aimed at identifying the Khan and Rössing Formation contact - an unconformity surface that has been preferentially intruded by the leucogranites (alaskites) containing primary uranium mineralisation at the Rössing Mine to the north and at Ida Dome to the south. To test this exploration model, four 1.6km spaced lines, with vertical drillholes on 80m centres, were completed over the north east trending magnetic lows interpreted to represent the extensions of the Rössing stratigraphy. The exploration model was verified in the field in late 2007 when three holes on line 7,506,000mN, intersected anomalous uranium mineralisation associated with zones of smoky quartz in altered leucogranite, beneath approximately 40m of overburden and leached saprolite. All three holes recorded uranium values of at least 100ppm U3O8. Follow up angled RC drilling in late 2007 intersected wide zones of alaskite with significant zones of uranium mineralisation. Chemical assay results in early 2008 confirmed the new alaskite hosted uranium discovery. Discovery intersections included: 100m at 265ppm U3O8 and 40m at 240ppm U3O8 with both holes ending in mineralisation. Follow up drilling, down dip of the discovery holes, has intersected wide zones of high grade uranium mineralisation with results including 149m at.............
MLS Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
