ard-uranium,nickel,gold,copper

This is listed on the Newcastle SX(www.newsx.com.au). They are applying for listing on the ASX. They hold some very prospective tenaments. It's worth a look.


A-CAP RESOURCES LIMITED
A C N 104 028 542
TO: THE STOCK EXCHANGE OF NEWCASTLE LIMITED
DATE: 18th January 2006
UPDATE ON EXPLORATION ACTIVITIES AND PROGRESS ON NEW
PROSPECTUS
The Board of A-Cap Resources Limited is pleased to provide an update on the
exploration activities conducted by the Company and by its joint venture partner
Gallery Gold Limited during the December quarter 2005, and on the preparation of its
new Prospectus.
1. EXPLORATION
(a) Uranium in Botswana
The company was granted several uranium prospecting licences during the quarter.
These were applied for based on exploration activity conducted in the 1970’s by
several major international mining corporations.
The details of these granted tenements were announced to the market on 9th
November 2005.
Further public data obtained from the Department of Geological Survey in Botswana
by the Company’s consulting geologist, Mr Callum Kerr has shown that the most
promising known uranium deposit in Botswana, Mokobaesi, has previously been
estimated as containing 1.75 million tonnes of mineralisation at a grade of 0.069%
U3O8 as calculated from data collected from 22 pits to a depth of 3 metres on 300
metre centres, with a best recorded pit sample of 0.173%.
The Mokobaesi deposit lies within the Company’s Letlhakane Tenement ( PL
45/2004).
Mr Callum Kerr also discovered that data lodged in the 1970’s with the Geological
Survey Department by Falconbridge the previous tenement holder, estimates that the
Karoo sediments underlying the Mokobaesi calcrete deposit contains an estimated 75
million tonnes of uranium mineralisation.
This 75 million tonnes of uranium mineralisation, previously reported to the ASX by
another listed entity, is within the company’s PL 45/2004 and is based on dimensions
of 1200m x 1000m x 25m thickness by a density of 2.5 and a grade of between 150
and 350 ppm U3O8. The volume was based on drill sections and isopachs of the more
mineralised mudstone, silty mudstone and fine grained sandstone. The method of
calculation cannot be considered a JORC compliant estimate and it is believe to have
been provided by Falconbridge to demonstrate the exploration potential of the area.
Whilst the Company can not rely on the above estimates and has not verified or
confirmed its adherence to JORC standards, the past workings do indicate the
potential of the prospect for uranium exploration and this will be one of the
Company’s major targets for investigation in 2006.
(b) Jim’s Luck Prospect in Botswana (20% A-Cap 80% Gallery Gold
Limited)
During the December Quarter Gallery completed a further 9 reverse circulation drill
holes on the Jim’s Luck Prospect, being the latest phase of a total of 49 holes drilled
over the past 2 years.
This phase of the drilling program had very encouraging results and confirmed the
results of the initial two phases of drilling.
• The three main mineralised zones (Jim’s Luck South, Central and North) are
separated by gaps where there is no drilling or where drilling, trenching and
grid geological mapping has shown that there are Karoo dolerite dykes
truncating the mineralisation.
• There is a clear indication that the ore shoots have a steep plunge to the NNW.
The three mineralised zones comprise a combined strike length of 300 metres and an
average width of some 5.00 metres, at an average grade of 3.0g Au/t.
The final phase to date (9 holes comprising JIMC41-49 inclusive) has essentially
consolidated the results of the drilling from the initial programs.
It is now expected that the project will move to a close spaced Grade Control RC
drilling program which would allow suitable digital geological modelling to be
completed and the subsequent creation of mining reserve.
The Board considers that the continuing success of the drilling program is significant
and are highly encouraged by Gallery’s ASX market announcement of their
assessment of Jim’s Luck which they “anticipate as having open cut potential”.
The latest holes revealed more encouraging gold mineralisation and essentially
consolidated the results of the previous 40 holes.
(c) Maibele North Nickel Prospect in Botswana (100% A-Cap with 5% net
profit royalty to Mineral Holdings Botswana (Pty) Ltd)
A-Cap completed a 3 hole diamond drill program at Maibele North in December
designed to test the continuity of the high grade massive sulphides at the western end
of the deposit and to establish the down-plunge extension of the main ultramafic and
sulphide mineralisation at the eastern end.
Two of the three holes intersected massive sulphides with one hole intersecting 1.28
metres of massive sulphides close to the expected target depth. Analytical results of
the program are not yet available.
The program confirmed the extension of the Maibele ore body and the Company plans
to continue the drilling program in 2006 with the objective of firming up a resource to
JORC standards.
(d) Airstrip Copper Prospect in Botswana (100% A-Cap with 5% net profit
royalty to Mineral Holdings Botswana (Pty) Ltd)
A-Cap performed trenching over a strike distance of 750 metres with 50 metre spaced
trenches over 300 metres. A review of previous data held on public record by the
Department of Geological Survey in Botswana, showed that previous drilling
completed in the 1990’s contained significant intersections of copper including 3.9%
Cu over 2.44 metres and 4.3% Cu over 1.83 metres.
The recent trenching showed the presence of visible copper carbonates over a distance
of 150 metres with a maximum width of 16 metres in one trench.
Analytical results are not yet available and follow up work is planned.
(e) Other Botswana tenements
Several soil sampling programs were conducted during the quarter on the companies
other tenements and not all results have yet been received from the laboratories. The
market will be advised once the consulting geologist has reviewed all the data and
formed a detailed analysis and recommendation to the company.
(f) China
No work was conducted on the Company’s exploration permit (Ma Yuan North)
during the period and the Company continues to await the result of the applications
made for three additional exploration permits.
The Contract of Co-operation between A-Cap’s wholly owned Chinese subsidiary and
Gansu Qinqi Minerals Co. Limited (Qinqi), wholly owned by the Gansu Provincial
Bureau of Geology and Mineral Exploration and Development (Bureau), for the
exploration of Hei Hua Tan, will be revisited early in 2006, with the aim of drawing
up a new contract with the legal owner of Hei Hua Tan, a related party of Qinqi and
wholly owned by the Bureau.
2. PROGRESS OF PROSPECTUS FOR ASX LISTING
The preparation of the Company’s Prospectus for a further capital raising and
application for an ASX Listing is almost complete and is expected to be lodged with
ASIC before the end of January 2006. Also a meeting of members has been scheduled
for the 13th of February 2006 to extend the approval for the issue of 25 million
ordinary shares at 20 cents each for a further 3 months.
PAT VOLPE
Chairman