ASX Announcement 23 August 2006 “African Focused Resource Company” AIM RESOURCES LIMITED ABN 63 009 193 980 Level 5 Angel Place 123 Pitt Street Sydney NSW 2000 t 61 2 9222 9444 f 61 2 9222 9477 Website www.aimresources.com.au Email [email protected] AIM Resources Limited is listed on the ASX with the symbol “AIM” and on the Alternative Investment Market with the symbol “AIMR” MUMBWA DRILLING PROGRESS The first two holes of a major drilling program have now been completed at the Mumbwa Copper-Gold Project. Both drillholes reached target depths of approximately 500m. The third drillhole is now in progress. Drilling targets have been defined by in-depth 3D geophysical interpretation of FalconTM data and the program is planned to comprise eleven drillholes extending to a vertical depth of approximately 500m. The drill rate has been slower than anticipated due to the very hard rocks encountered. The Company is considering mobilising a second drill rig in order to accelerate this major drilling program. The first two drillholes both intersected extensive hematite, silica and sericite alteration, which is indicative of significant, multi-phase hydrothermal fluid movement. Visible sulphides and traces copper minerals were identified in several intersections in the first drillhole. Lesser amounts of sulphides and copper minerals were identified the second drillhole. Background The Mumbwa Copper-Gold Project lies within a known mineralised iron oxide copper-gold (“IOCG”) terrain in west central Zambia and covers nearly 5,200 km2 and containing numerous prospects. The project area is prospective for IOCG deposits similar to the world class examples of Olympic Dam (South Australia) and Ernest Henry (Queensland). Drilling will focus initially on the Kitumba region, where drilling by BHP Billiton in the mid to late 1990s encountered significant mineralisation in eight of nine drillholes over a strike length of approximately 6km. However, this historical drilling tested areas peripheral to the targets indicated by the recent interpretation of new FalconTM data. A key drill target is a major feature (800m wide with a 2.4km long, north-south strike) which corresponds with a strong uranium anomaly along an exposed ridge at the Kitumba region. This feature has not been drill tested previously, except by drillhole KD3 in the extreme north, which intersected 60m at 0.6% copper and 0.11 g/t gold. First-pass drilling of targets in the Mutoya and Worm regions is also planned. This major drilling program is planned to take approximately six months and be completed during the December quarter. AIM Resources is earning a 70% interest the Mumbwa Copper-Gold Project from BHP Billiton and is budgeting to spend US$1.5 million on the project during 2006. Further Information Contact Marc Flory, Managing Director or Scott Reid, Director on +61 2 9222 9444.
AIM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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