RadonX Survey Completed - Plus further infill drill results 11 January 2010 - Extract Resources (in which Kalahari Minerals* owns 40.44%) has released further assay results of some infill drilling. Its drilling programme has recommenced after the Christmas break; the drill rig complement of 13 is to be boosted by a further 4-6 drills to accelerate the programme.
It also reported that it has completed a RadonX survey that has identified further anomalies south and west of its current drilling focus Zones 1 & 2 that will be followed up with a drill programme this quarter. The RadonX survey highlighted the area east of Zones 1 & 2 as an area of weak (radioactive) flux, and it will now be investigated by drilling to confirm it is a sterile area suitable for locating a processing plant and waste tailings disposal.
The impact of these new assay results is difficult to assess as they omit results below 100ppm (0.01%) and with intersections <2m. That said, the 11 key holes highlighted continue to feed our expectations of better and better things from the Rossing South deposit 11 holes, intersections averaging 60m and 1.25 kg/t.
Note that this is a very simplistic analysis and comes with a health warning that one cannot simply average borehole results from an incomplete data range, but it does present a general picture that the assay results continue to have strong showings and should support further resource upgrades for this exciting deposit.
The result from the drill hole into the Emerging Zone to the south of Zones 1 & 2 produced a very encouraging assay result of 854ppm (0.854 kg/t) of U3O8 over a 91m intersection. Just one hole, but encouraging nonetheless.
The resource update for Rossing South is due for 2Q10 and this will encompass not only an upgrade for Zones 1 & 2 (incorporating the infill drilling work), but also a maiden resource estimate for the area to the south of Zones 1 & 2.
Extract has stated previously that it feels that the target for a total resource estimate of 500Mlbs of U3O8 is looking increasingly conservative, and 2Q10s estimate is likely to beat this by some margin (my bold)
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