5th Sep 2006 10:19
Albidon Limited05 September 2006 Level 1 62 Colin Street West Perth 6005ALBIDON LIMITED Western Australia ARBN 107 288 755 Tel:x+61x8x9211 4600 Fax:x +61x8x9211 4699 Email: [email protected] ASX Code: ALB AIM Code: ALD 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/4921i_-2006-9-5.pdf Update on Drilling at Luwumbu Platinum Project, Tanzania HIGHLIGHTS: • Planned drill program for 2006 increased to 10,000 metres. • Drilling results confirm the wide extent of platinum mineralization at the Nkenja East prospect. Albidon owns a 10% interest in the Luwumbu Project in which Goldstream MiningNL, in joint venture with Lonmin plc, is exploring for Platinum Group Element(PGE) mineralisation at Luwumbu in southwest Tanzania. The Luwumbu Joint Ventureenables Lonmin to earn a 70% interest from both Goldstream (90%) and Albidon(10%) by funding all exploration to the completion of a feasibility study. Nineteen drillholes have been completed in the current drilling program whichcommenced in late May, with two rigs operating on double shift, for a total of8,023m. The drilling has been mainly concentrated in the Nkenja East area tofollow up the NDH014 discovery intersection drilled in 2005 (ASX release 11January 2006). Sections spaced 100m apart, with 1 to 3 holes per section, havebeen drilled stepping out from NDH014 (Figure 1 in the hyperlink above). Assays have been received for the first ten holes drilled in 2006, withsignificant PGE (Pt+Pd+Au) results shown below. Hole Hole From Interval Pd Pt Pt+Pd+Au (m) (m) (g/t) (g/t) (g/t) NDH014 256.15 17.62 3.77 1.03 4.93 incl 258.63 1.67 21.85 4.42 26.82 incl 269.50 1.50 7.75 2.03 10.11 NDH018 158.00 0.50 3.85 0.63 4.54 NDH018 160.50 0.50 3.89 0.56 4.56 NDH018 199.70 27.30 1.24 0.33 1.65 incl 204.70 2.00 3.87 1.04 5.13 incl 219.80 2.00 5.24 1.49 7.01 NDH019 199.00 3.00 0.60 0.33 0.95 NDH022 88.50 1.00 3.56 0.82 4.49 incl 88.50 0.50 5.31 1.22 6.64 NDH023 531.50 1.50 0.92 0.23 1.31 NDH024 150.00 0.50 1.50 0.36 1.88 NDH025 29.00 2.00 1.83 0.63 2.57 incl 30.00 1.00 3.24 1.01 4.43 NDH026 93.50 7.00 0.90 0.18 1.24 incl 94.50 1.00 2.41 0.24 3.56 NDH026 111.00 0.50 0.82 0.30 1.13 NDH028* 259.00 1.00 1.41 0.31 1.74 NDH028* 283.00 1.00 1.75 0.12 1.91 NDH028* 344.00 0.50 2.57 0.56 3.24*Assays incomplete PGE determination used the fire assay lead collection method with ICP-MS finishto determine individual Pt, Pd and Au values. The intersections are interpretedto approximate to true width. Hole NDH014 was drilled in 2005, while holesNDH018-028 have been drilled in 2006. The joint venture has had two motor augers working in the Nkenja East area thatare providing excellent bedrock geology and geochemistry information (Figure 2in the hyperlink above). The drilling and auger program has highlighted: • the widespread nature of the PGE mineralisation in the Nkenja East area; and • the broad continuity of the PGE mineralised horizons, with the potential for multiple horizons. At this stage the apparent thickness and controls on grade variability are notwell understood and the joint venture will look to further integrate the resultsfrom the drilling and auger programs to develop a coherent model of the geologyand mineralisation in the area. Drilling of reconnaissance drill holes, at one kilometre intervals, around theNorthern Arc has recently commenced (Figure 1 in the hyperlink above). The firstthree drill holes have intersected ultramafic units, assay results are pending.In addition to the drilling around the Northern Arc, regional bedrock geologyand geochemical information is being collected by motor auger. With the motor augers proving to be highly effective in the Luwumbu area withits covering of tuff (volcanic ash), the joint venture is planning to keep atleast 2 motor auger crews working through the wet season with a view tocollecting further geological information ahead of the 2007 field season. Information in this announcement relating to exploration results is based ondata compiled by Bianca Manzi who is a Member of the Australian Institute ofGeoscientists, and who is a full-time employee of the Goldstream Mining NL.Bianca Manzi has sufficient relevant experience to qualify as a Competent Personunder the 2004 Edition of the Australasian Code for reporting of ExplorationResults, Mineral Resources and Ore Reserves. Bianca Manzi consents to theinclusion of the data in the form and context which it appears. If you have any queries please contact the Company Secretary, Nicholas Day on+61 8 9211 4600 or email [email protected] Additional information may also be viewed on Albidon's website atwww.albidon.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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