energy eyes yellowcake resource

Energy eyes yellowcake resource

Ben Sharples
Thursday, 7 September 2006

ENERGY Ventures says it has confirmed extensive zones of uranium mineralisation at the Njame North prospect in Zambia with scoping studies expected to start in the next quarter.



Infill drilling returned hits of 6m at 710 parts per million uranium oxide from 37m, 5m at 551ppm from 40m, 2m at 918ppm from 29m, 3m at 938ppm from 24m and 17m at 606ppm from 35m.

Energy Ventures said the near-surface mineralisation, which remains open along strike in both directions and downdip, occurs in two layers, with the lower layer being thicker and generally higher grade.

The junior said mineralisation is present over a large area with grades and thickness that may be amenable to economic extraction, and said work was "well advanced" on preparing an initial resource estimate for the Njame prospect.

Energy Ventures is spending $A500,000 over two years on uranium exploration on the landholdings of Albidon to earn an option to joint venture-specific project areas.

Elsewhere, Energy Ventures plans to conduct a drill campaign at the Chisebuka prospect later this month, subject to drill rig availability, which is located about 100km to the southwest of Njame North.

In addition, the company plans to conduct an airborne radiometric survey over high priority regional targets in eastern and southern Zambia.

Shares in Energy Ventures gained 2c (20%) during morning trade to 12c, capitalising the company at $18 million.