Kalahari Minerals reports further high grade drill results from...

Kalahari Minerals reports further high grade drill results from Extract's Rossing South uranium project


Kalahari Minerals (AIM: KAH) provided a statement from Extract Resources, which is 40.44% owned by its subsidiary Kalahari Uranium Limited, regarding its drilling campaign on a granite hosted uranium system at Rossing South, where ongoing results continued to return high grade intercepts.

The exploration results included high grade intercepts from infill resource definition drilling and encouraging results from the RadonX survey programme, which the companies said confirmed the world class nature of the resource and its future production potential.

Results from the chemical assay included intersections of 113 m (metres) graded at 382 ppm (parts per million) of U3O8 (triuranium octoxide), 95 m at 665 ppm U3O8, 24 m at 2349 ppm U3O8, 50 m at 1,618 ppm U3O8, 91 m at 854 ppm U3O8, 65 m at 1,125 ppm U3O8, 38 m at 1,699 ppm U3O8, 75 m at 770 ppm U3O8, 23 m at 2,417 ppm U3O8, 3 m at 11,034 ppm U3O8 and 33 m at 1,487 ppm U3O8.

Exploration and resource definition efforts are expected to be accelerated with the arrival of new rigs expected within 4 to 6 weeks to add to the 13 already operating on site.

We are conscious of the need to expand our regional exploration programme. Rossing South as defined for our feasibility study represents just a fraction of the prospective area. The RadonX survey results give us a useful indicator of where we should focus future exploration drilling, and the company is committed to this work, said chairman of Extract Resources, Steve Galloway.

Extract expects to add substantial resources to its existing inventory within the next six months and beyond, with the feasibility study currently being underway and the company possessing enough cash resource to fund a new exploration programme.

Rossing South is a part of Extracts wholly owned Husab uranium project.

The current resource stands at 292 Mlb (million pounds) graded 439 ppm U3O8 of which 267 Mlb at grade of 487 ppm on zones 1 and 2. The company is also looking to establish a maiden resource on the additional zones of mineralisation identified south of zone 2.

Extract has recently received the Exploration Award for 2009 at the Mines & Money Awards in London.

Kalahari's other key investment is its circa 45% holding in North River Resources plc, an AIM listed emerging southern African focussed multi commodity resource development company. North River's current portfolio includes gold and base metal assets in Namibia; uranium, copper and gold assets in Mozambique; and a historic early stage exploration project in Australia.


http://www.proactiveinvestors.com.au/companies/news/4166/kalahari-minerals-reports-further-high-grade-drill-results-from-extracts-rossing-south-uranium-project-4166.html