here is Albidons announcement - EVE will copy this in the morning:
INFILL DRILLING CONFIRMS EXTENSIVE URANIUM MINERALISATION AT THE NJAME NORTH PROSPECT, ZAMBIA
HIGHLIGHTS
• Extensive zones of uranium mineralisation have been confirmed in infill aircore drilling at Njame North, in the Kariba Valley, Zambia. • The drill results indicate that sandstone-hosted uranium mineralisation is present over a large area with grades and thicknesses that may be amenable to economic extraction. • The table below summarises significant results from the infill drilling programme at the Njame North prospect:
NJN028: 6m @ 710 ppm U3O8 from 37m NJN032: 5m @ 551 ppm U3O8 from 40m NJN034: 2m @ 918 ppm U3O8 from 29m NJN037: 3m @ 938 ppm U3O8 from 24m NJN050: 17m @ 606 ppm U3O8 from 35m
• Reconnaissance drilling and phase one infill drilling have now been completed at Njame North and work is well advanced on preparing an initial resource estimate. • Mineralisation remains open along strike in both directions and down dip. • Scoping studies of metallurgy and processing options for the Njame North mineralisation will commence in the next quarter. • Initial drilling of the analogous Chisebuka Prospect will commence later this month, as soon as a drill rig can be mobilised. • Large scale airborne radiometric surveys will commence in the next quarter over a number of new targets in the prospective Karoo basins covered by the JV tenements.
Drilling Program Update
Under the terms of an exploration agreement with Albidon, African Energy Resources Limited ('African Energy'), a subsidiary of Energy Ventures Limited, has completed a program of infill drilling of the previously discovered Njame North uranium prospect. The drill program was funded and operated by African Energy under the terms of an option and farm-in agreement covering portions of Albidon's extensive licence holdings in southern Zambia.
The first stage of aircore drilling at the Njame North prospect comprised 21 vertical aircore holes for 897m on a nominal 400m x 100m grid pattern (see Diagram 1 in the hyperlink above). Assay results for this initial program (previously announced on 26th July 2006) confirmed the presence of significant uranium mineralisation, and an infill program of a further 26 vertical aircore holes for 1,103 m was completed, to a nominal 200m x 50m grid pattern (see Diagram 1 in the hyperlink above). Drill samples were collected over 1m drill lengths, and were assayed using the pressed-pellet XRF method.
Table 1 lists all significant intersections that have been returned for the infill drilling, and Table 2 lists all drillhole collar locations.
The infill drilling program has established the following:
• Mineralisation at Njame North occurs in two layers, with the lower being thicker and generally higher grade. • Mineralisation is of the style referred to as sandstone-type uranium mineralisation, hosted by Karoo sediments. • Mineralisation is open along strike in both directions, and is open down dip. • The mineralisation is near-surface, with cover thickness varying from 5m to 34m.
These results have substantially increased confidence in the distribution and continuity of the uranium mineralisation at Njame North.
Forward Program
The next stage of work is underway with the following objectives to be achieved over the coming months:
• Preparation of initial resource estimate for Njame North. • Scoping of metallurgical and processing characteristics of the mineralisation at Njame North. • Site preparation work for drilling at Chisebuka, some 100km to the south-west (refer to Diagram 2 in the hyperlink above). • Initial drilling at Chisebuka. • Airborne radiometric survey over high priority regional targets in eastern and southern Zambia.
EVE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
(20min delay)