19th Oct 2007 07:00
Albidon Limited19 October 2007 Level 1 62 Colin St West Perth 6005ALBIDON LTD Western Australia ARBN 107 288 755 Tel: +61x8x9211 4600 Fax: +61x8x9211 4699 Email: [email protected] ASX Code: ALB AIM Code: ALD 19 October 2007 Market release via electronic lodgement Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/0065g_-2007-10-19.pdf ADDITIONAL URANIUM INTERSECTIONS IN INFILL DRILLING AT GWABE, ZAMBIA HIGHLIGHTS: • RC drilling at the Gwabe uranium deposit has been completed, with a total of 161 holes for 8,736m. • Drilling has identified a zone of coherent sandstone-type uranium mineralisation over a strike length in excess of 700m, with thicknesses varying from 1m to 18m. • Assay results have now been received for 114 drillholes. • The table below summarises recent results: GWN132 3m @ 168 ppm U3O8 from 19m GWN133 14m @ 271 ppm U3O8 from 13m including 7m @ 361 ppm U3O8 from 17m GWN134 10m @ 315 ppm U3O8 from 17m including 7m @ 375 ppm U3O8 from 19m GWN138 10m @ 315 ppm U3O8 from 9m including 3m @ 340 ppm U3O8 from 9m and 2m @ 664 ppm U3O8 from 17m • Drilling to test down plunge extensions has also been completed, with all remaining samples submitted for assay. • Results for all remaining drill holes are expected in November. • Resource estimation modelling for the Gwabe uranium deposit has commenced and is expected to be completed within two weeks. The resource modelling will be independently audited by Coffey Mining/RSG Global. • Infill drilling to improve resource confidence has commenced at the Njame deposit as part of the Pre-Feasibility Study announced in September. Chirundu JV Project: Drilling Programme Update Assay results have been received by Albidon's joint venture partner AfricanEnergy Resources ("AFR") from the infill phase of aircore/reverse circulation ("RC") drill testing of the Gwabe uranium anomaly in Zambia (see Diagram 1 inhyperlink above) and continue to support a zone of higher grade uraniummineralisation within the previously reported mineralised area (see Diagram 2 inhyperlink above, Table 1 and refer to Table 2). Recent results include the following drilled intersections within and on themargins of the previously reported mineralised zone (see Diagram 2 in hyperlinkabove): GWN132 3m @ 168 ppm U3O8 from 19m GWN133 14m @ 271 ppm U3O8 from 13m including 7m @ 361 ppm U3O8 from 17m GWN134 10m @ 315 ppm U3O8 from 17m including 7m @ 375 ppm U3O8 from 19m GWN138 10m @ 315 ppm U3O8 from 9m including 3m @ 340 ppm U3O8 from 9m and 2m @ 664 ppm U3O8 from 17m Assessment of grade-thickness contouring indicates a coherent zone ofmineralisation with a strike length of at least 700m (open to the north-east)and thicknesses varying from 1m to 18m (see Diagram 3 in hyperlink above). Uranium mineralisation is hosted in oxidised, coarse grained sandstones, gritsand pebble conglomerates which overly a non-mineralised, reduced silty-shalehorizon. The mineralisation dips very gently to the south-east, is situated atvery shallow depths between 3m and 29m below surface, and appears to bespatially related to an inferred WNW trending sub-vertical fault. Where themineralisation approaches the surface, uranium grades are lower. The down plunge extension of the mineralisation, where uranium grades areunaffected by near-surface processes has been tested with additional reversecirculation drilling (see Diagram 2 in hyperlink above). All initial drilling at Gwabe is now complete, with 161 holes for a total of8,736m drilled to date (see Table 3 for location details). All assays requiredfor resource estimation work have now been received, with assays for theremaining holes expected in November. Resource estimate modelling has commenced and is expected to be complete withintwo weeks. The results of the modelling will be reviewed by independent expertsCoffey Mining/RSG Global prior to publication. Forward Drilling Programme for the Chirundu JV Pre-Feasibility Study The following work programme is scheduled over the next two months on theChirundu JV Project: • A programme of infill RC drilling has commenced at the nearby Njame uranium deposit as part of the Pre-Feasibility Study announced in September. This drilling programme will infill the existing drilling pattern to a minimum drill spacing of 100m x 50m, and locally to a 50m x 50m spacing and is designed to increase confidence in the mineral resource. • A diamond drilling rig is being mobilised from South Africa to provide further drilling capability at Njame. Diamond drill core from this rig will be used to provide samples for metallurgical test programmes. • On completion of the Njame infill programmes, both drill rigs will mobilise to Gwabe to undertake infill drilling for resource upgrade and to provide samples for metallurgical test work. Background The Gwabe uranium mineralisation and the Njame uranium deposit are locatedapproximately 80km south-east of Lusaka, the capital of Zambia, and form part ofthe Chirundu Joint Venture Project (see Diagram 1 in hyperlink above). AfricanEnergy has earned an initial 30% equity interest in the Chirundu Project fromAlbidon Limited by completing expenditure of AUD $1 million on the Project, andcan increase this to a 70% equity interest by completing a Pre-Feasibility Studyon an Indicated Resource. The Australasian Code for Reporting of Exploration Results, Mineral Resourcesand Ore Reserves (the 'JORC Code') sets out minimum standards, recommendationsand guidelines for Public Reporting in Australasia of Exploration Results,Mineral Resources and Ore Reserves. The information contained in thisannouncement has been presented in accordance with the JORC Code and referencesto "Inferred Resources" and "Indicated Resources" are to those terms as definedin the JORC Code. Information in this report relating to Exploration results, Mineral Resources orOre Reserves is based on information compiled by Dr Frazer Tabeart (an employeeof African Energy Resources Limited) who is a member of The Australian Instituteof Geoscientists. Dr Tabeart has sufficient experience which is relevant to thestyle of mineralisation and type of deposit under consideration and to theactivity which he is undertaking to qualify as a Competent Person under the 2004Edition of the Australasian Code for reporting of Exploration Results, MineralResources and Ore Reserves. Dr Tabeart consents to the inclusion of the data inthe form and context in which it appears. If you have any queries please contact the Chief Financial Officer, Nicholas Dayor Managing Director, Dale Rogers on +61 8 9211 4600 or email [email protected]. Albidon's nominated adviser is RFC Corporate Finance Ltd, contact Stephen Allen+61 8 9480 2500. Additional information may also be viewed on Albidon's website atwww.albidon.com See Diagram 1 in hyperlink above: Location of Albidon's uranium joint ventureprojects in Zambia See Diagram 2 in hyperlink above: Drill location map for Gwabe Prospect showingassay results for the infill drilling discussed in text. Labels indicate drilledwidths and ppm U3O8. NSI denotes No Significant Intercepts in the relevant drillhole. See Diagram 3 in hyperlink above: Drill status map showing location of drillholes completed to date and illustrating the product of uranium grade (in ppmU3O8) multiplied by thickness (in metres). No assays have been received to datefor the additional drilling completed to the east of the known uraniummineralisation. Table 1: List of Significant Drill Intercepts in latest infill drilling GWABE URANIUM DEPOSIT: SIGNIFICANT DRILL INTERSECTIONS HOLE ID FROM (m) TO (m) INTERVAL (m) Assay (equivalent U3O8 ppm) GWN093 28 29 1 155 GWN132 19 22 3 168 GWN133 13 27 14 271 including 17 24 7 361 GWN134 17 27 10 315 including 19 26 7 375 GWN135 10 11 1 157 GWN136 14 15 1 160 GWN138 9 19 10 315 including 9 12 3 340 and 17 19 2 664 Table 2: List of previously reported significant drill intercepts GWABE URANIUM DEPOSIT: SIGNIFICANT DRILL INTERSECTIONS HOLE ID FROM (m) TO (m) INTERVAL (m) Assay (equivalent U3O8 ppm)GWN005 3 7 4 108 including 6 7 1 178GWN008 24 28 4 130 including 24 25 1 178GWN010 21 22 1 151GWN011 17 29 12 97 including 17 18 1 170 and 21 22 1 177 and 25 29 4 123GWN012 12 27 15 137 including 12 16 4 261 and 25 27 2 228GWN014 2 5 3 113 and 11 13 2 192GWN015 3 4 1 116 and 13 14 1 100GWN016 10 28 18 230 including 10 16 6 250 and 22 28 6 313GWN017 18 26 8 185 including 20 25 5 239GWN018 18 19 1 179GWN019 18 19 1 261 and 21 27 6 566 including 21 24 3 703 and 25 26 1 993GWN055 22 24 2 144GWN056 18 25 7 315GWN057 15 16 1 298 and 19 24 5 224GWN058 13 26 13 207GWN059 18 19 1 346GWN060 18 21 3 188GWN067 26 28 2 164GWN068 27 29 2 219GWN083 21 24 3 357GWN087 13 19 6 407GWN088 20 22 2 336GWN089 17 22 5 276GWN090 15 24 9 684 including 17 22 5 936 Assay results are still outstanding for holes GWN099 to GWN104 inclusive, GWN111to GWN130 inclusive, and GWN141 to GWN 161 inclusive (for locations refer toDiagram 2 in hyperlink above). Table 3: List of drillhole collar coordinates (WGS84 UTM35S), all holes drilledvertically Hole ID EASTING NORTHING Elevation/m MAX DEPTH/m (WGS84 (WGS84 UTM35S) UTM35S)GWN001 690,021 8,232,216 416 76GWN002 689,876 8,232,357 415 107GWN003 689,726 8,232,495 419 119GWN004 689,656 8,232,549 418 120GWN005 689,796 8,232,428 418 120GWN006 689,954 8,232,283 415 108GWN007 690,289 8,232,517 397 120GWN008 690,138 8,232,656 402 90GWN009 689,997 8,232,785 409 90GWN010 690,065 8,232,716 406 60GWN011 690,180 8,232,613 400 67GWN012 690,222 8,232,581 398 61GWN013 689,929 8,232,850 412 60GWN014 690,122 8,233,212 404 90GWN015 690,192 8,233,147 401 60GWN016 690,348 8,233,013 393 60GWN017 690,413 8,232,935 390 60GWN018 690,266 8,233,087 394 60GWN019 690,493 8,232,866 386 60GWN020 689,746 8,231,911 428 67GWN021 689,694 8,232,015 430 60GWN022 689,603 8,232,052 430 60GWN023 689,517 8,232,124 431 60GWN024 689,453 8,232,194 432 60GWN025 689,378 8,232,262 434 60GWN026 689,109 8,231,980 438 60GWN027 689,185 8,231,901 440 56GWN028 689,255 8,231,849 440 47GWN029 689,334 8,231,765 438 53GWN030 688,222 8,231,720 450 38GWN031 688,130 8,231,788 454 44GWN032 688,055 8,231,863 456 47GWN033 687,975 8,231,927 457 50GWN034 688,324 8,232,154 447 40GWN035 688,399 8,232,090 445 50GWN036 688,249 8,232,196 441 49GWN037 687,779 8,231,567 447 38GWN038 687,708 8,231,631 439 44GWN039 687,507 8,231,267 439 38GWN040 687,424 8,231,337 441 40GWN041 687,363 8,231,405 442 41GWN042 687,309 8,231,446 434 42GWN043 687,384 8,230,852 424 26GWN044 687,319 8,230,910 427 31GWN045 687,235 8,230,975 432 35GWN046 687,161 8,231,040 435 33GWN047 687,092 8,231,116 426 29GWN048 686,961 8,230,688 425 29GWN049 686,774 8,230,324 427 60GWN050 686,695 8,230,395 431 32GWN051 686,629 8,230,458 434 32GWN052 690,615 8,233,306 395 32GWN053 690,541 8,233,371 396 27GWN054 690,565 8,232,806 382 32GWN055 690,427 8,232,657 391 32GWN056 690,352 8,232,730 392 35GWN057 690,215 8,232,868 397 29GWN058 690,242 8,232,832 396 31GWN059 690,391 8,232,695 392 30GWN060 690,163 8,232,632 401 40GWN061 690,357 8,232,439 397 30GWN062 690,318 8,232,482 397 30GWN063 690,256 8,232,548 398 31GWN064 690,103 8,232,683 403 31GWN065 690,032 8,232,748 408 28GWN066 689,966 8,232,818 410 28GWN067 690,458 8,232,625 391 31GWN068 690,496 8,232,585 389 32GWN069 690,162 8,233,178 402 27GWN070 690,235 8,233,109 396 22GWN071 690,303 8,233,046 393 32GWN072 690,382 8,232,974 393 38GWN073 690,161 8,232,365 405 30GWN074 690,077 8,232,434 407 28GWN075 690,012 8,232,501 412 30GWN076 689,935 8,232,569 411 28GWN077 689,864 8,232,634 411 30GWN078 689,898 8,232,604 411 33GWN079 689,822 8,232,665 409 28GWN080 689,975 8,232,534 411 29GWN081 690,041 8,232,463 409 26GWN082 690,114 8,232,402 405 31GWN083 690,528 8,232,840 384 30GWN084 690,221 8,233,396 377 30GWN085 690,253 8,233,358 380 29GWN086 690,290 8,233,319 383 28GWN087 690,548 8,233,087 384 28GWN088 690,454 8,233,203 390 56GWN089 690,523 8,233,111 386 64GWN090 690,597 8,233,058 387 58GWN091 690,485 8,233,421 397 66GWN092 690,572 8,233,338 396 48GWN093 690,665 8,233,268 391 66GWN094 689,296 8,231,801 439 60GWN095 689,224 8,231,870 440 34GWN096 689,147 8,231,940 440 47GWN097 689,535 8,231,846 434 60GWN098 689,502 8,231,887 435 90GWN099 689,465 8,231,912 435 60GWN100 689,428 8,231,951 434 60GWN101 689,392 8,231,983 435 50GWN102 689,357 8,232,013 435 60GWN103 689,316 8,232,048 435 60GWN104 689,280 8,232,084 436 40GWN105 689,247 8,232,117 436 60GWN106 689,210 8,232,154 434 90GWN107 689,712 8,231,963 430 42GWN108 689,635 8,232,025 430 48GWN109 689,564 8,232,093 430 90GWN110 689,491 8,232,163 432 40GWN111 689,418 8,232,232 433 30GWN112 689,350 8,232,291 433 40GWN113 689,890 8,232,071 425 39GWN114 689,845 8,232,107 424 22GWN115 689,812 8,232,138 424 90GWN116 689,772 8,232,176 424 34GWN117 689,696 8,232,239 425 39GWN118 689,667 8,232,275 426 33GWN119 689,642 8,232,313 427 26GWN120 689,586 8,232,336 430 90GWN121 689,552 8,232,378 430 28GWN122 689,520 8,232,412 431 30GWN123 689,483 8,232,444 431 90GWN124 689,689 8,232,525 418 60GWN125 689,762 8,232,460 419 60GWN126 689,836 8,232,391 416 90GWN127 689,988 8,233,066 404 60GWN128 690,021 8,233,026 406 60GWN129 690,060 8,232,999 406 60GWN130 690,096 8,232,965 403 90GWN131 690,131 8,232,932 401 52GWN132 690,171 8,232,901 399 40GWN133 690,291 8,232,789 394 37GWN134 690,319 8,232,762 393 37GWN135 690,285 8,233,266 386 50GWN136 690,351 8,233,226 388 40GWN137 689,912 8,232,317 414 22GWN138 690,643 8,233,020 390 34GWN139 690,616 8,232,789 383 22GWN140 690,662 8,232,768 386 53GWN141 690,947 8,232,696 401 70GWN142 690,912 8,232,739 415 76GWN143 690,856 8,232,793 402 70GWN144 690,813 8,232,850 401 70 399 383 386 388 399 GWN145 690,776 8,232,881 399 70GWN146 690,732 8,232,907 383 82GWN147 690,699 8,232,946 386 82GWN148 690,664 8,232,980 388 100GWN149 690,701 8,232,232 399 94GWN150 690,708 8,232,658 396 94GWN151 680,746 8,232,618 399 106GWN152 690,776 8,232,589 391 94GWN153 690,578 8,232,522 390 106GWN154 690,624 8,232,481 383 40GWN155 690,659 8,232,453 379 94GWN156 690,725 8,233,184 399 106GWN157 690,762 8,233,150 400 100GWN158 690,799 8,233,119 388 100GWN159 690,798 8,233,120 400 100GWN160 690,835 8,233,080 409 50GWN161 690,810 8,232,552 390 100 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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