uranium mineralisation
for those that might have missed yesterdays announcement. It has been a couple of rough day for Uranium.
URANIUM MINERALISATION CONFIRMED BY DRILLING AT THE NJAME PROSPECT, ZAMBIA HIGHLIGHTS • Significant thickness of uranium mineralisation intersected in initial drilling at Njame North prospect, Kariba Valley: NJN-15D: 10m @ 760ppm equivalent U3O8 from 34m Including: 1m @ 1065ppm equivalent U3O8 from 35m And: 1m @ 2200ppm equivalent U3O8 from 41m • Reconnaissance drilling completed at the Njame North and Njame South prospects, assay results for all drillholes expected in the coming weeks. • Drilling of the Chisebuka and Munyumbwe ‘A’ Prospects will commence shortly. • The drill program is being funded and operated by Energy Ventures Ltd’s (ASX : EVE) subsidiary Africa Energy Resources Pty Ltd (African Energy), under the terms of an option and farm-in agreement covering portions of Albidon Limited’s extensive licence holdings in southern Zambia. Drilling Program Update African Energy Resources commenced drilling of the Njame uranium prospects within the Albidon Limited joint venture areas on 3 May 2006. The first stage of aircore drilling at Njame North and Njame South prospects has been completed. At Njame North, twenty-one vertical aircore drill holes have been drilled for a total of 897m (see Diagram 1 below). Drill samples have been assayed using the pressed-pellet XRF method. Significant uranium mineralisation was intersected over a thickness of 10m in the first drillhole for which assays are available, as shown in the following table: SUITE 1 HI LLWAY HOUSE 141 BROADWAY ALBIDON LIMITED NEDLANDS 6009 WESTERN AUSTRALIA ARBN 107 288 755 TEL:⋅+61⋅8⋅9389 6300 FAX:⋅ +61⋅8⋅9389 6400 EMAIL:⋅[email protected] ASX CODE: ALB AIM CODE: ALD HOLE NJN-15D From (m) To (m) Interval U3O8 equivalent 34 44 10m 760 ppm including 35 36 1m 1065 ppm and 40 42 2m 1535 ppm including 41 42 1m 2200 ppm As previously announced, drilling undertaken by uranium companies in the 1970’s and early 1980’s identified uranium mineralisation at Njame North. These recent assay results confirm the previous drilling and the presence of significant uranium mineralisation at Njame North. Samples from all drill holes at the two Njame prospects have been despatched for assay and results are expected in the coming weeks. The mineralisation at Njame occurs in a similar geological setting to the nearby Dibwe and Mutanga deposits. These are currently being evaluated by OmegaCorp Limited, who recently announced a series of inferred resources at average grades of 350 ppm to 430 ppm U3O8. Forward Drilling Program The next stage of work is underway with the following objectives to be achieved over the next month: • Completion of aircore drilling at Chisebuka and Munyumbwe ‘A’. • Final assays for all drillholes from Njame North and Njame South. • Final assays for drill samples from Chisebuka and Munyumbwe ‘A’ prospects. Background Njame is part of the Energy Ventures-Albidon Exploration Agreement area. Energy Ventures Ltd, through it’s subsidiary African Energy Resources PL, is undertaking a A$500,000 exploration program over two years to earn an option to enter a Joint Venture with Albidon on one or more project areas. African Energy may earn a 30% interest in each project area by expending A$1 million on the selected project area, and may then proceed to earn a 70% interest by completing a Prefeasibility Study on a JORC Indicated Resource. The Njame Prospect is located approximately 85km south of Zambia’s capital city Lusaka (see Diagram 2 below). Njame is one of a number of prospects in Zambia’s Kariba Valley Uranium District being evaluated under the Agreement with Albidon. The Kariba Valley Uranium district in southern Zambia was identified during exploration by uranium mining companies, particularly the Italian oil company AGIP, in the 1970’s and early 1980’s. During this time a large number of sandstone-hosted uranium prospects identified by radiometric surveying were mapped and sampled, with some shallow drilling. African Energy’s evaluation of the historical data related to these programs led to the recognition of four high priority prospects for early drill testing: Njame North, Njame South, Chisebuka and Munyumbwe ‘A’. The initial objective of the drill program is to confirm the historical reports of uranium mineralisation at these prospects, establish initial resources where possible and undertake more thorough testing of major radiometric anomalies identified from earlier surveying. Information in this report relating to exploration results is based on data compiled by Lauritz Barnes, who is a member of The Australian Institute of Geoscientists, who acts as a consultant to the Company. Lauritz Barnes has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the 2004 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Lauritz Barnes consents to the inclusion of the data in the form and context in which it appears. If you have any queries please contact the Company Secretary, Nicholas Day on +61 8 9389 6300 or email [email protected]. Additional information may also be viewed on Albidon’s website at www.albidon.com.
ALB Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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