17th Aug 2007 07:00
Albidon Limited17 August 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 http://www.rns-pdf.londonstockexchange.com/rns/3074c_-2007-8-17.pdf HIGH GRADE URANIUM IN ROCK SAMPLES AT CHISEBUKA PROSPECT, ZAMBIA HIGHLIGHTS: • Assay results for rock samples from the Chisebuka Prospect have identified high-grade uranium mineralisation at surface. • Best rock chip assays include results of 4,823 ppm U3O8, 2,123 ppm U3O8, 1,810 ppm U3O8 and 1,297 ppm U3O8. • Eleven samples returned assays greater than 100 ppm U3O8 at surface and a further six samples between 100 and 500 ppm U3O8. • Drill site preparation for reconnaissance drilling at Chisebuka has been completed. Drilling is expected to commence in September. GEOCHEMICAL ROCK SAMPLING RESULTS, CHISEBUKA PROSPECT Rock chip geochemical sampling by Albidon's ("the Company") joint venturepartner African Energy Resources ("AFR") has confirmed the presence of locallyhigh grade uranium mineralisation in outcrop at the Chisebuka Prospect. A programme of rock-chip sampling was completed along six widely spacedtraverses which cross a ground radiometric anomaly outlined during uraniumexploration by a major energy company in the late 1970's. Rock-chip samples were collected at approximately 50m spacings along thesetraverses (see Diagram 1). Assay results have indicated that eleven of theforty-six samples collected contain greater than 100 ppm U3O8, with four samplescontaining over 1,000 ppm U3O8 (0.1% U3O8). The maximum value is 4,823 ppm U3O8(0.48% U3O8), the highest value recorded to date in Albidon's project portfolio.All of the eleven samples with greater than 100 ppm U3O8 are coarse-grainedgritty sandstones which are interpreted to be part of the Karoo-aged EscarpmentGrit Formation. This is the geological unit that contains the Inferred Resourceat the Company's Njame uranium deposit, some 75km along strike to the east. Reconnaissance drill testing of the Chisebuka Prospect on a nominal 400m x 100mgrid will commence in September, once the drill rig has completed an extensionaldrilling programme at the Njame deposit. All drill site preparation and accesstracks have been completed. (see Diagram 1. Chisebuka Prospect, Rock-Chip assay locations and key results shown against contours of ground radiometric survey data in hyperlink above) (see Diagram 2. Location of the Chisebuka Prospect within the Kariba Valley JV project in hyperlink above) FORWARD EXPLORATION PROGRAMME African Energy is currently focussed on extensional drilling along strike anddown dip from the Njame North resource in the Chirundu Joint Venture (seeDiagram 2), with the goal of increasing the size of the currently definedInferred Resource (5.5 Mt @ 400 ppm U3O8 on a 100% basis). On completion ofthis drilling programme, the drill rig will commence the programme at Chisebuka. The exploration programme for the remainder of 2007 will concentrate on thefollowing objectives: • Geochemical soil sampling and ground radiometric surveys at Namakande in the Kariba Valley JV. • Extensional drilling at the Njame North deposit aimed at determining the extent of the uranium mineralisation. • Drilling of confirmed uranium targets at Chisebuka. • Drilling of confirmed uranium targets at Namakande. • Additional airborne radiometric surveys over selected portions of the Company's extensive tenement holdings in Zambia. Background The Chisebuka uranium mineralisation is located approximately 120km south-westof Lusaka, the capital of Zambia, and forms part of the Kariba Valley JointVenture Project (see Diagram 2). Albidon is the owner of the JV tenements andAfrican Energy may earn a 30% equity interest in the Kariba Valley Project bycompleting expenditure of AUD $1 million on the Project, and can increase thisto 70% equity interest by completing a pre-feasibility study on an IndicatedResource. 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 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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