6th Feb 2007 07:00
Albidon Limited06 February 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 6 February 2007 Market release via electronic lodgement http://www.rns-pdf.londonstockexchange.com/rns/7704q_-2007-2-6.pdf URANIUM ANOMALIES IDENTIFIED FROM AIRBORNE SURVEYS Attached is a copy of an announcement which describes the results of airborneradiometric surveys conducted by Energy Ventures Ltd ("EVE") over a number ofAlbidon tenements in Southern Zambia. The tenements are subject to a jointventure between Albidon and EVE. Several uranium anomalies have been defined forfollow up by the joint venture. By order of the Board Albidon Limited 6 February 2007 Manager Announcements Company Announcements Office Australian Stock Exchange Limited 10th Floor, 20 Bond Street SYDNEY NSW 2000 via electronic lodgement Dear Sir/Madam, 15 NEW URANIUM ANOMALIES IDENTIFIED FROM AIRBORNE SURVEYS Highlights: • A programme of helicopter-borne radiometric surveying has been completed over five project areas in Zambia, totalling 8,864 line-km and covering approximately 4,500 square km. • A total of 15 uranium anomalies have been identified from these surveys: African Energy Projects (100% equity): • 6 uranium anomalies have been identified at the southern end of the North Luangwa Valley Project, with a further 2 anomalies identified at the northern end of the Project, approximately 100km to the southwest of Paladin's Kayelekera Project. Joint Venture Projects (African Energy can earn up to 70% equity from AlbidonLimited): • 2 uranium anomalies have been identified at the Chirundu JV Project within 15 to 30km of the Njame North prospect. • 2 uranium anomalies have been identified in the Luano Valley Project. • 3 uranium anomalies have been identified in the Sinazongwe blocks of the Kariba Valley JV Project. • These 15 new anomalies and 7 previously identified anomalies in the Kariba Valley JV Project will be field checked and prioritised for reconnaissance drill testing to commence in early April, subject to seasonal rains. Results of airborne radiometric survey Energy Ventures confirms that, African Energy Resources Limited (79% controlledby Energy Ventures), has completed a programme of airborne radiometric surveyson portions of its uranium projects in Zambia. African Energy previouslyannounced a JORC inferred resource of 5.5 Mt at 400ppm U3O8 at its Njame Northprospect, and the recently completed airborne radiometric surveys include adetailed orientation study over this area. Additional detailed surveying alongstrike from Njame, in areas where no previous uranium exploration is known, hasbeen completed, along with surveys over four other project areas within theCompany's extensive tenement package in Zambia (Diagram 1). Preliminary data from these surveys have identified 15 uranium anomalies whichrequire further evaluation. These anomalies are in addition to 7 uraniumanomalies identified in the Kariba Valley JV Project through ground radiometricsurveys undertaken in the 1970's and early 1980's. A programme of fieldevaluation of the uranium targets in Zambia will commence once seasonal rainshave abated, and will be used to prioritise targets for reconnaissance drilltesting. The Njame North prospect and the projects at Chirundu, in the Kariba Valley andLuano Valley areas are subject to the Option and Farm-In Agreement betweenEnergy Ventures Limited and Albidon Limited, under which African Energy has theright to earn up to a 70% equity interest in these projects. (Diagram 1. Location Map of African Energy's uranium projects in Zambia showingoutlines of airborne radiometric surveys referred to in the text in thehyperlink above). Chirundu JV Project Radiometric Survey (African Energy can earn 70% equity fromAlbidon Limited) The airborne radiometric survey at the Chirundu JV Project covered an area ofapproximately 540 square kilometres, initially flown at 500m line-spacing.Infill surveying was completed over the Njame Prospect for orientation purposes,and uranium anomalies were also infilled for higher resolution delineation. Twomajor clusters of uranium anomalism were identified in addition to that at Njame(Diagram 2), both occurring in areas not known to have undergone priorexploration for uranium. The Gwabe North uranium anomaly is almost 6km long and contains a number ofprominent peaks, the largest of which is over 2,500m long and over 500m wide.The Chirundu North cluster of anomalies occurs over an area of 7km by 5km andcontains a number of anomalies that are over 1,000m long. Both clusters ofanomalies are interpreted to occur over Karoo-aged sediments and may beanalogous to the Njame Prospect. Confirmation of the geological setting is ahigh priority task for African Energy. (Diagram 2. Overview of airborne radiometric survey for the Chirundu JV,showing the locations and relative size and intensity of the Gwabe North andChirundu North uranium anomalies with respect to that at Njame referred to inthe text in the hyperlink above). North Luangwa Valley Project Radiometric Survey (African Energy 100%) The airborne radiometric survey over the southern portion of the North LuangwaValley Project covered an area of approximately 1,475 square kilometres. Sixuranium anomalies have been defined by this survey (Diagram 3). The northern tworepresent higher definition and more precise locations for previously identifiedanomalism, whereas the southern four anomalies were not previously recognised byAfrican Energy. Follow-up field work is required to evaluate the significance ofthese six anomalies and to prioritise areas for reconnaissance drill testing. (Diagram 3. Overview of the airborne radiometric data for the southern sectionof the North Luangwa Project showing the outline of six uranium anomalies whichrequire field evaluation to determine reconnaissance drilling priority referredto in the text in the hyperlink above). Future Programme African Energy intends to immediately commence the field evaluation of thehighest priority uranium anomalies, and reconnaissance drill testing of the besturanium targets is expected to commence in early April. 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" are to those terms as defined in 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 Energy Ventures Ltd) who is a member of The Australian Institute ofGeoscientists. 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. By order of the Board Energy Ventures Limited This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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