re: drilling was 2005 ... macrae
20 July 2005 Manager of Company Announcements Australian Stock Exchange Limited Level 6, 20 Bridge Street SYDNEY NSW 2000 By E-Lodgement ACCLAIM TO ACQUIRE URANIUM / GOLD PROJECT The Board of Acclaim Exploration NL (“Acclaim or Company”) is pleased to announce the entry into an unconditional agreement to acquire the Denny Dalton Uranium / Gold Project in South Africa. • The project area is approximately 4,000 hectares with significant uranium and gold drilling and mining previously undertaken. • Independent Legal and Geological Reviews completed. • Inferred JORC resource of 31.5m tonnes of U3O8 at 0.35 kg/t for 11,025 tonnes with associated gold mineralisation. • Potential to increase orebody dimensions and extend existing resource with down dip investigation and additional farm areas currently under application Project Summary The Denny Dalton Project is located approximately 70 km south south-east of the town of Vryheid in the north of the province of KwaZulu-Natal, Republic of South Africa (location map below). The project is centred on the Denny Dalton gold mine on the farm Tusschenby 411, for which gold was mined during the period 1894 to 1926. As part of the Company’s due diligence on the project, Mabex Consulting Geologists (“MCG”) were engaged to report on the uranium and gold potential of the area in and on the old Denny Dalton Mine. The project area is approximately 4,000 hectares and includes the following farms: Tusschenby 411, Vlakhoek 548, Malta 514 and Welvergund 405. The area has established potential for significant gold and uranium mineralisation and the nearsurface stratigraphy and mode of mineralisation appears to be well understood. ACCLAIM EXPLORATION NL AND CONTROLLED ENTITIES Suite B / 150 Hay Street Subiaco Western Australia 6008 Tel 08 9388 8436 Fax 08 9388 8450 ABN 99 009 076 233 1 Previous Exploration The current owner of the Project obtained significant historical data from previous owners and operators (Anglo American Corporation and Southern Sphere who were commissioned by the Atomic Energy Corporation in the 1970s) prior to commencing its own recent exploration activities. Between 1976 and 1978 Southern Sphere drilled 241 bore holes in the Denny Dalton area with a total of 4,269 metres of diamond drilling and 8,501 m of percussion drilling. 77 of the holes intersected mineralisation as set out in Annexure 1. The drilling program was considered successful enough by Southern Sphere to justify engaging independent consultants to commission a mining study to test the cost of the project area to support a uranium mine producing 1,000 t of U3O8 annually over a ten year mine life. Due to the prevailing uranium price at the time, Southern Sphere decided not to proceed with commissioning the mine. 2 Further Exploration and Development The Board of Acclaim views the Denny Dalton project as a medium-advanced stage exploration project. The consulting geologist’s reported that the style of mineralisation that occurs at Denny Dalton is similar to that of the known Witwatersrand conglomerates, which host large tonnage medium to high grade deposits of gold and uranium. Further the area has established potential for significant gold and uranium mineralisation and the near surface stratigraphy and mode of mineralisation appears to be well understood, but warrants review and further exploration. Upon acquiring the Project, the Company will move to complete further work to verify the historical data and increase the level of knowledge and confidence of the project area and to convert the resources to indicated and measured status. The work will include testing the limits of the orebody to the level of detail required for JORC indicated and measured resource categories by way of infill drilling on previous exploratory holes on the farms, perimeter drilling to establish orebody dimensions, hole logging, sampling and assaying. The Company will also move to appoint experienced project management at both operational and Board level to ensure the success of the project. Acquisition Terms Under the Acquisition Agreement, Acclaim will acquire all of the issued capital of Denny Dalton (Proprietary) Limited (RSA company) for AUD$6m payable on or before 30 September 2005 with a royalty of 1% gross smelter return on gold derived from the project.
if I like to discuss fundamentals I will to ASX web site looking for AEX ANN to with ...... M*****y
AEX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
