29th Apr 2008 09:06
Albidon Limited29 April 2008 Level 1 62 Colin St West Perth 6005 ALBIDON LIMITED Western Australia ARBN 107 288 755 Tel:+61 8 9211 4600 Fax:+61 8 9211 4699 Email:[email protected] ASX Code: ALB AIM Code: ALD DRILL ASSAYS CONFIRM THICK NICKEL SULPHIDES AT SUNNYSIDE DISCOVERY, BOTSWANA Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/3154t_-2008-4-29.pdf HIGHLIGHTS • Drill assays have confirmed the presence of thick zones of Ni-Cu sulphide mineralisation at the Sunnyside discovery in Botswana. • Highlights include assays from drillhole ALB004 which yielded the following intercepts within a larger mineralised zone of 55 metres apparent thickness starting at 21.4m from surface: 8.6m @ 1.21% Ni, 0.30% Cu, within an intersection of 18.6m @ 0.75% Ni, 0.55% Cu. • The broader mineralized zone of 55m (21.4m to 76.0m) averages 0.55 % Ni, 0.44% Cu. • Grades range up to 2.3% Ni, 1.12% Cu in individual one-metre intervals. • These drill results are believed to be the most substantial nickel sulphide intersections in Botswana outside of the Selebi-Phikwe and Tati nickel mining districts which have production and resources of approx 1.7 million tonnes of contained nickel metal. • Sulphides have now been intersected in 8 drillholes and mineralization remains open in several directions. • Further assay results are expected in the coming weeks. • Drilling is continuing, with 2 rigs on site. Sunnyside Nickel Prospect The Sunnyside prospect forms part of an 8,705 square kilometre tenement packageheld by Albidon to the south of Selebi-Phikwe, Africa's premier nickel miningdistrict, located in eastern Botswana. This large package of prospectinglicences is 100% owned by Albidon and was taken up on the basis of geologicalsimilarities with the Selebi-Phikwe area, along with the presence of a number ofknown nickel sulphide prospects located along major geological structures in theregion (see Diagram 1 in the hyperlink above for location). Drilling Programme The core drilling programme at Sunnyside is designed to test coincidentgeophysical and geochemical targets over a zone that is 2km in length. Thesetargets are associated with ultramafic rocks similar to those that contain thelarge nickel ore bodies at Selebi-Phikwe to the north (see Diagram 1 in thehyperlink above). As recently reported, Albidon's first drillholes at Sunnyside have confirmed thediscovery of widespread Ni-Cu mineralisation, comprising massive sulphides andmatrix-textured to disseminated sulphides. Massive and semi-massive sulphide hasa thickness of one metre to several metres and is associated with matrix-textured mineralisation or disseminated sulphides which are several metres totens of metres thick (see Photographs in Diagram 3 and 4 in the hyperlinkabove). The mineralization intersected in ALB004 represents a blind targetbeneath one meter of soil cover. Drill Assay Results Assay results are now available for 3 drillholes (ALB-002, 004, 006) and arepending for 17 drillholes. Drill collar locations and assay data are summarisedin Tables 1 and 2 below. Particularly noteworthy is the thickness of mineralisation intersected indrillhole ALB004 which records nickel-copper sulphides over a thickness of 55metres, within which the most prominent intercepts are as follows: 8.6m @ 1.21% Ni, 0.30% Cu, from 21.4m to 30.0m; 18.6M @ 0.75% Ni, 0.55% Cu from 21.4 - 40.0m. Metal grades range up to 2.3% Ni, 1.12% Cu in individual (separate) one-metreintervals. The nickel mineralisation is hosted by ultramafic rocks similar to those atSelebi-Phikwe. For this reason it is anticipated that the geological structuremay be complex and hence a considerable amount of additional drilling will berequired. Ongoing drilling will be directed at defining the following key parameters: thetrue thickness of the mineralised zone(s) and their structural arrangement;distribution of ultramafic potential host rocks; and scale and boundary controlsof the sulphide system(s) at Sunnyside. For example the drillhole ALB006 to thenorthwest is unmineralised. It appears to be on the northwest edge of thesystem however the shape of the mineralised area is not yet well defined. Forward Programme • Assay results are expected for additional Sunnyside drill samples in the coming weeks and will be reported when available. • Drilling is continuing, with the aim of testing the full extent of geophysical and geochemical targets. • Drilling will also be undertaken to test geophysical and geochemical targets at the Kgwedi nickel prospect located some 30km to the west (see Diagram 1 for location in the hyperlink above). • Results will become available for an extensive airborne electromagnetic survey recently completed with the aim of defining additional nickel targets in prospective geology along the major fault structures to the north and west of Sunnyside (see Diagram 1 in the hyperlink above). Table 1: Significant intersections using a length-weighted average and a 0.20%Ni cut-off are listed in the table below except for the intersection denotedwith a **. Drillhole number Depths (m) Interval (m) Ni% Cu%ALB-002 32.5 - 35.6 3.1 0.86 0.38 ALB-004 13.15 - 17 3.85 0.62 0.18 21.4 - 40 18.6 0.75 0.55 including 21.4 - 30 8.6 1.21 0.3 45 - 57 12.0 0.59 0.41 59 - 76 17.0 0.50 0.41 83 - 88 5.0 0.37 0.49 94 - 104 10.0 0.25 0.18 **21.4 -76.0 54.6 0.55 0.44 ALB-006 No significant intersections Note that Co, Pt and Pd assays are awaited for most samples. Table 2: Collar position, total depth and orientation for Sunnyside drillholes. Hole ID Easting Northing Azimuth Dip Depth ALB-001 585500 7447700 180 -60 301.1ALB-002 585500 7447450 180 -60 302.7ALB-003 585500 7447100 180 -60 300.1ALB-004 585500 7447450 0 -90 253.9ALB-005 585250 7447450 180 -60 301.8ALB-006 585000 7447760 180 -60 301.8ALB-007 585725 7448070 180 -60 In progressALB-008 585600 7447700 180 -60 52.6ALB-009 585000 7447460 180 -60 292.8ALB-010 585250 7447700 180 -60 250.0ALB-011 585505 7447700 0 -90 301.8ALB-012 584750 7447625 180 -90 301.0ALB-013 585625 7447550 0 -90 200.9ALB-014 585500 7447550 0 -90 203.0ALB-015 585375 7447550 0 -90 201.0ALB-016 585250 7447550 0 -90 196.9ALB-017 585625 7447450 180 -80 200.1ALB-018 585500 7447350 0 -90 202.7ALB-019 585375 7447450 180 -80 268.8ALB-020 585375 7447350 0 -90 271.7ALB-021 585325 7447400 300 -75 In progress 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. Information in this report relating to exploration results is based on datacompiled by John Schloderer an employee of the Company, who is a member of TheAustralasian Institute of Mining and Metallurgy. John Schloderer has sufficientexperience which is relevant to the style of mineralisation and type of depositunder consideration and to the activity which he is undertaking to qualify as aCompetent Person under the 2004 Edition of the Australasian Code for reportingof Exploration Results, Mineral Resources and Ore Reserves. John Schlodererconsents to the inclusion of the data in the form and context in which itappears. 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 at www.albidon.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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