20th Jun 2007 07:00
Albidon Limited20 June 2007 Level 1 62 Colin St West Perth 6005ALBIDON LTD 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 INFILL DRILLING PROGRAM COMMENCES AT GWABE URANIUM PROSPECT, ZAMBIA • First phase of drilling completed at Gwabe North uranium prospect. • Infill drilling will commence immediately based on positive scintillometer (gamma log) measurements from drill cuttings. An initial drilling program has been completed at the Gwabe North uraniumprospect, testing a large radiometric target in a similar geological setting tothe Company's Njame uranium deposit 15km to the southwest. Albidon's joint venture partner African Energy Resources ('AFR') has decided toimmediately commence an infill drilling program following review ofscintillometer (gamma log) measurements from the drill cuttings which showstrong downhole radioactivity. Assay results from the first phase of drillingare expected next month. On completion of the infill drilling program at Gwabe, the drill rig will beredeployed 15km south-west to the Njame uranium deposit where it will undertakea program of step-out drilling around the known Inferred Resource (5.5Mt @ 400ppm U3O8 for a contained total of 4.8 Mlb of U3O8). This program is designed toestablish the extent of the mineralisation which is open down-dip and alongstrike. Both the Gwabe uranium target and the Njame uranium deposit are locatedapproximately 80km south-east of Lusaka, the capital of Zambia, and form part ofAlbidon's Chirundu Joint Venture with African Energy Resources. AFR issole-funding the drilling and other exploration programs to earn an initial 30%interest in the project. 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 94802500. 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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