19th Jan 2006 10:07
Albidon Limited19 January 2006 Suite 1 Hillway House 141 Broadway Albidon Limited Nedlands 6009 Western Australia ARBN 107 288 755 Tel:+61.8.9389 6300 Fax: +61.8.9389 6400 Email:[email protected] ASX Code: ALB AIM Code: ALD via electronic lodgement DRILLING CONFIRMS INTERPRETED SOUTHERN EXTENSION TO THE ENTERPRISE DEPOSIT, MUNALI PROJECT. http://www.rns-pdf.londonstockexchange.com/rns/1551x_-2006-1-19.pdf HIGHLIGHTS • The first step out drilling around the Enterprise Resource confirms the down dip extension to southern portion of the Enterprise deposit. • The Enterprise drill intersections include: Hole ID Interval (m) Ni % Cu % Co % PGM g/t MAD170A 8.34 2.25 0.43 0.14 1.10 MAD172A 6.65 1.24 0.22 0.07 0.87 MAD182 3.75 2.61 0.40 0.14 0.99 MAD182 5.45 1.04 0.11 0.05 0.20 Drilling Program and Results The Munali Project is located approximately 60km south of Lusaka in southernZambia (see figure 1 in the hyperlink above). In the second half of 2005 the infill drilling program carried out at theProject, resulted in a 75% increase in the contained Ni metal of Enterprisedeposit (as reported in December 2005). Following on from this, seven step outholes were drilled into the inferred resource, down dip of the southern portionof the deposit (see figure 2 in the hyperlink above). The drilling has confirmed the interpreted down dip extension to the depositwith 5 of the holes intersecting significant mineralisation (results arecontained in Table 1 and location data in Table 2 below). Several of the holesalso intersected significant hanging wall mineralisation. These recent resultshave provided additional confidence in the Inferred Resource within the southernportion of the deposit. Table 1: Drill Intersections and Assay Results for the Enterprise Deposit, using a 0.7% Ni cutoff, minimum intersection thickness of 2.5m and weighted by density. Hole from to Interval (M) ZONE Ni % Cu % Co % PGM g/tMAD170A 337.6 345.94 8.34 MZ 2.25 0.43 0.14 1.10 MAD172A 336 343 7 HW 0.81 0.07 0.05 0.31 MAD172A 359.1 365.75 6.65 MZ 1.24 0.22 0.07 0.87 MAD174 345 349 4 HW 0.70 0.07 0.04 0.39 MAD174 373 376 3 MZ 0.78 0.06 0.05 0.25 MAD182 397.4 401.15 3.75 HW 2.61 0.40 0.14 0.99 MAD182 439 444.45 5.45 MZ 1.04 0.11 0.05 0.20 MAD183 275 279 4 MZ 0.85 0.12 0.06 0.35 Notes: 1. 'PGM' is Pt + Pd. 2. 'Zones' defined in Table 1 include: MZ: 'Main Zone' high grade breccia mineralisation HW: Mineralisation intersected in the hangingwall above the 'Main Zone' Forward Programme • The deposit is still 'open' along strike to the north and down dip, therefore drilling is continuing with the objective of substantially increasing the size of the resource. • Several additional holes have been planned to test the continuity of the Southern down dip extension to Enterprise. Drilling will commence in January 2005. • Further drilling along strike at the Voyager prospect, to the North, is also planned. This will run concurrently with the drilling at Enterprise. Feasibility Study As part of the Feasibility Study, JR Roche has been engaged to complete thedesign and engineering components for the concentrator and the associatedinfrastructure. Information in this report relating to exploration results is based on datacompiled by Mike Dunbar a consultant to the Company, who is a member of TheAustralasian Institute of Mining and Metallurgy. Mike Dunbar 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. Mike Dunbar consentsto the inclusion of the data in the form and context in which it appears. If you have any queries please contact the Company Secretary, Nicholas Day on+61 8 9389 6300 or email [email protected]. Additional information may also be viewed on Albidon's website atwww.albidon.com. Table 2: Drillhole collar positions, orientations and drillhole type ('DDH' refers to diamond drillholes and 'RC' denotes reverse circulation drillholes). Hole_ID Easting Northing RL Depth Hole Type Dip AzimuthMAD170A 621669 8239140 1096 390.2 DDH -65 30MAD172A 621740 8239105 1096 408.2 DDH -70 30MAD174 621805 8239056 1095 396.2 DDH -65 30MAD180 621627 8239066 1094 519.2 DDH -70 30MAD182 621487 8239146 1094 463.5 DDH -70 30MAD183 621879 8239105 1097 300 RC -60 30MAD184 621557 8239106 1094 516.2 DDH -70 30 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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