19th Jul 2007 07:00
Albidon Limited19 July 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/5074a_-2007-7-19.pdf NEW URANIUM MINERALISATION DISCOVERED BY DRILLING AT GWABE, ZAMBIA HIGHLIGHTS: • Significant thickness and extent of uranium mineralisation intersected in initial reverse circulation drilling at the Gwabe prospect, Zambia. • Results from initial twenty-five hole reconnaissance programme confirm the presence of sandstone hosted uranium mineralisation with potentially economic grades and thicknesses at shallow depths that may be amenable to open pit extraction. • Discovery of mineralisation at Gwabe is further confirmation of the high prospectivity for uranium in the Company's extensive tenement holdings within the Karoo Basins of Zambia (Diagram 1). • The table below summarises significant results from the initial twenty-five hole programme: GWN019: 6m @ 566 ppm U3O8 from 21m including: 3m @ 703 ppm U3O8 from 21m and: 1m @ 993 ppm U3O8 from 25m GWN012: 15m @ 137 ppm U3O8 from 12m including: 4m @ 261 ppm U3O8 from 12m and: 2m @ 228 ppm U3O8 from 25m GWN016: 18m @ 230 ppm U3O8 from 10m including: 6m @ 250 ppm U3O8 from 10m and: 6m @ 313 ppm U3O8 from 22m GWN017: 8m @ 185 ppm U3O8 from 18m • Assay results for approximately 90 infill holes from Gwabe are expected in August. • Extensional drilling around the known Njame North Inferred Resource will commence within a week, once infill drilling at Gwabe is completed. • Rock-chip sampling programme completed along several traverses across ground radiometric anomalies at the Company's Chisebuka uranium prospect, assay results are expected in August. Drilling planned to commence at Chisebuka near the end the of September quarter 2007. • Reconnaissance of the Namakande uranium prospects has commenced, work will include ground scintillometer surveys, soil sampling programmes and rock-chip sampling aimed at prioritising drilling targets for assessment in December quarter 2007. Gwabe Drilling Programme Update Albidon's Joint venture partner African Energy Resources Limited announced todayassay results from the first 25 holes of its initial phase of aircore/RC drilltesting of the Gwabe uranium anomaly in Zambia. As previously announced on 20June 2007, an initial programme of 400m by 100m spaced aircore/RC holes wasdrilled to test the extent of the 5km long airborne-radiometric uranium anomaly(Diagram 2). Results from hand-held gamma-ray scintillometer assessment of thedrill cuttings indicated that many of the holes drilled at the northern end ofthe anomaly contained significant zones where the radiation levels are more thantwice background levels, and a decision to immediately proceed to an infilldrilling programme on a 200m by 50m grid was taken. Assay results have been received for the first 25 holes drilled into thenorthern anomaly, with 11 of these 25 holes containing uranium mineralisationgreater than 100ppm U3O8 over drilled widths of one metre or more (see Table 1),with several holes indicating mineralised thicknesses of 8 to 18m. All of thesemineralised holes are characterised by zones where the scintillometer identifiedradiation at more than twice background levels (see Diagram 3). Uraniummineralisation is hosted in oxidised, coarse grained sandstones, grits andpebble conglomerates which overly a non-mineralised, reduced silty-shalehorizon. The mineralisation dips very gently to the south-east, and occurs atvery shallow depths between 3m and 29m below surface. The programme of infill drilling is now almost complete, with a further 85 to 90holes either completed or planned for completion within a week of thisannouncement. Scintillometer assessments of radiation levels in these infillholes indicate that a broadly continuous zone of mineralisation may be presentover a strike extent of 800 to 1,000m, and that this zone may still be open tothe north-east (See Diagram 3). Assay results from the infill drilling phase,comprising approximately 65% of the entire drilling programme are expected inAugust. Drill hole collars for all holes completed to date are presented inTable 2. Forward Exploration Programme African Energy has scheduled the following work programme over the next threemonths: • On completion of the infill drilling programme at Gwabe, the drill rig will move 15km south-west to the Njame uranium deposit where it will undertake an extensional drilling programme around the known Inferred Resource (5.5Mt @ 400 ppm U3O8 for a contained total of 4.8 Mlb of U3O8). • Assay results for a 45 sample rock-chip programme completed along six traverses across the ground radiometric uranium anomalies at Chisebuka are expected in August. • Reconnaissance RC drill testing of Chisebuka will commence on completion of the Njame extensional drilling programme, sometime on the September quarter of 2007. Drill site preparation for this programme is nearing completion. • Reconnaissance evaluation of six ground radiometric uranium anomalies previously identified at Namakande has commenced. Over the next few months this work will comprise follow-up scintillometer surveys to confirm the precise location of these anomalies, soil sampling to establish surface levels of uranium, and rock-chip sampling where warranted. Results form this programme will be used to prioritise targets for drill testing scheduled to commence in the December quarter of 2007. Background The Gwabe uranium mineralisation and the Njame uranium deposit occurapproximately 80km south-east of Lusaka, the capital of Zambia, and form part ofthe Chirundu Joint Venture Project (see Diagram 1). The Chisebuka and Namakandeuranium prospects are approximately 120km south-west of Lusaka and occur withinthe Kariba Valley Joint Venture Project (Diagram 1). African Energy will initially earn a 30% equity interest in both the Chirunduand Kariba Valley Joint Venture Projects from Albidon Limited by spending atleast AUD $1 million on each Project, and then increase its interest in eachproject to 70% by completing a pre-feasibility study on an Indicated Resource. 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 Dayon +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 (see Diagram 1 Location of Albidon Ltds Joint Venture projects in Zambia in hyperlink above) (see Diagram 2 Drill location map for Gwabe Prospect showing initial 400m x 100m grid and infill 200m x 50m grid in hyperlink above) (See Diagram 3 Drill status plan showing location of drill holes completed todate at northern end of the Gwabe Prospect, highlighting those containing zones with grater than twice the background radiation levels. Note that gaps in the infill programme will be drilled during the next week in the hyperlink above) Table 1: List of Significant Drill Intercepts Hole ID From To Interval/m Assay equivalent GWN005 3 7 4 108 ppm U3O8 including 6 7 1 178 ppm U3O8GWN008 24 28 4 130 ppm U3O8 including 24 25 1 178 ppm U3O8GWN010 21 22 1 151 ppm U3O8GWN011 17 29 12 97 ppm U3O8 including 17 18 1 170 ppm U3O8 and 21 22 1 177 ppm U3O8 and 25 29 4 123 ppm U3O8GWN012 12 27 15 137 ppm U3O8 including 12 16 4 261 ppm U3O8 and 25 27 2 228 ppm U3O8GWN014 2 5 3 113 ppm U3O8 and 11 13 2 192 ppm U3O8GWN015 3 4 1 116 ppm U3O8 and 13 14 1 100 ppm U3O8GWN016 10 28 18 230 ppm U3O8 including 10 16 6 250 ppm U3O8 and 22 28 6 313 ppm U3O8GWN017 18 26 8 185 ppm U3O8 including 20 25 5 239 ppm U3O8GWN018 18 19 1 179 ppm U3O8GWN019 18 19 1 261 ppm U3O8 and 21 27 6 566 ppm U3O8 including 21 24 3 703 ppm U3O8 and 25 26 1 993 ppm U3O8 Table 2: List of drillhole collar coordinates (WGS84 UTM35S), all holes drilledvertically HOLE ID EASTING NORTHING Elevation/m MAX DEPTH/m (WGS84 (WGS84 UTM35S) UTM35S)GWN001 690,021 8,232,216 416 76GWN002 689,876 8,232,357 415 107GWN003 689,726 8,232,495 419 119GWN004 689,656 8,232,549 418 120GWN005 689,796 8,232,428 418 120GWN006 689,954 8,232,283 415 108GWN007 690,289 8,232,517 397 120GWN008 690,138 8,232,656 402 90GWN009 689,997 8,232,785 409 90GWN010 690,065 8,232,716 406 60GWN011 690,180 8,232,613 400 67GWN012 690,222 8,232,581 398 61GWN013 689,929 8,232,850 412 60GWN014 690,122 8,233,212 404 90GWN015 690,192 8,233,147 401 60GWN016 690,348 8,233,013 393 60GWN017 690,413 8,232,935 390 60GWN018 690,266 8,233,087 394 60GWN019 690,493 8,232,866 386 60GWN020 689,746 8,231,911 428 67GWN021 689,694 8,232,015 430 60GWN022 689,603 8,232,052 430 60GWN023 689,517 8,232,124 431 60GWN024 689,453 8,232,194 432 60GWN025 689,378 8,232,262 434 60GWN026 689,109 8,231,980 438 60GWN027 689,185 8,231,901 440 56GWN028 689,255 8,231,849 440 47GWN029 689,334 8,231,765 438 53GWN030 688,222 8,231,720 450 38GWN031 688,130 8,231,788 454 44GWN032 688,055 8,231,863 456 47GWN033 687,975 8,231,927 457 50GWN034 688,324 8,232,154 447 40GWN035 688,399 8,232,090 445 50GWN036 688,249 8,232,196 441 49GWN037 687,779 8,231,567 447 38GWN038 687,708 8,231,631 439 44GWN039 687,507 8,231,267 439 38GWN040 687,424 8,231,337 441 40GWN041 687,363 8,231,405 442 41GWN042 687,309 8,231,446 434 42GWN043 687,384 8,230,852 424 26GWN044 687,319 8,230,910 427 31GWN045 687,235 8,230,975 432 35GWN046 687,161 8,231,040 435 33GWN047 687,092 8,231,116 426 29GWN048 686,961 8,230,688 425 29GWN049 686,774 8,230,324 427 60GWN050 686,695 8,230,395 431 32GWN051 686,629 8,230,458 434 32GWN052 690,615 8,233,306 395 32GWN053 690,541 8,233,371 396 27GWN054 690,565 8,232,806 382 32GWN055 690,427 8,232,657 391 32GWN056 690,352 8,232,730 392 35GWN057 690,215 8,232,868 397 29GWN058 690,242 8,232,832 396 31GWN059 690,391 8,232,695 392 30GWN060 690,163 8,232,632 401 40GWN061 690,357 8,232,439 397 30GWN062 690,318 8,232,482 397 30GWN063 690,256 8,232,548 398 31GWN064 690,103 8,232,683 403 31GWN065 690,032 8,232,748 408 28GWN066 689,966 8,232,818 410 28GWN067 690,458 8,232,625 391 31GWN068 690,496 8,232,585 389 32GWN069 690,162 8,233,178 402 27GWN070 690,235 8,233,109 396 22GWN071 690,303 8,233,046 393 32GWN072 690,382 8,232,974 393 38GWN073 690,161 8,232,365 405 30GWN074 690,077 8,232,434 407 28GWN075 690,012 8,232,501 412 30GWN076 689,935 8,232,569 411 28GWN077 689,864 8,232,634 411 30GWN078 689,898 8,232,604 411 33GWN079 689,822 8,232,665 409 28GWN080 689,975 8,232,534 411 29GWN081 690,041 8,232,463 409 26GWN082 690,114 8,232,402 405 31GWN083 690,528 8,232,840 384 30GWN084 690,221 8,233,396 377 30GWN085 690,253 8,233,358 380 29GWN086 690,290 8,233,319 383 28GWN087 690,548 8,233,087 384 28GWN088 690,454 8,233,203 390 56GWN089 690,523 8,233,111 386 64GWN090 690,597 8,233,058 387 58GWN091 690,485 8,233,421 397 66GWN092 690,572 8,233,338 396 48GWN093 690,665 8,233,268 391 66GWN094 689,296 8,231,801 439 60GWN095 689,224 8,231,870 440 34GWN096 689,147 8,231,940 440 47GWN097 689,535 8,231,846 434 60GWN098 689,502 8,231,887 435 90GWN099 689,465 8,231,912 435 60GWN100 689,428 8,231,951 434 60GWN101 689,392 8,231,983 435 50GWN102 689,357 8,232,013 435 60GWN103 689,316 8,232,048 435 60GWN104 689,280 8,232,084 436 40GWN105 689,247 8,232,117 436 60GWN106 689,210 8,232,154 434 90GWN107 689,712 8,231,963 430 42GWN108 689,635 8,232,025 430 48GWN109 689,564 8,232,093 430 90GWN110 689,491 8,232,163 432 40GWN111 689,418 8,232,232 433 30GWN112 689,350 8,232,291 433 40GWN113 689,890 8,232,071 425 39GWN114 689,845 8,232,107 424 22GWN115 689,812 8,232,138 424 90GWN116 689,772 8,232,176 424 34GWN117 689,696 8,232,239 425 39GWN118 689,667 8,232,275 426 33GWN119 689,642 8,232,313 427 26GWN120 689,586 8,232,336 430 90GWN121 689,552 8,232,378 430 28GWN122 689,520 8,232,412 431 30GWN123 689,483 8,232,444 431 90GWN124 689,689 8,232,525 418 60GWN125 689,762 8,232,460 419 60GWN126 689,836 8,232,391 416 90GWN127 689,988 8,233,066 404 60 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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