23rd Oct 2007 07:00
Albidon Limited23 October 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 23 October 2007 Market release via electronic lodgement Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/1656g_-2007-10-23.pdf ADDITIONAL URANIUM INTERSECTIONS IN EXTENSIONAL DRILLING AT NJAME, ZAMBIA HIGHLIGHTS: • RC drilling to extend the Njame uranium deposit has been completed, with an additional 138 drill holes for 8,678m completed. • Drilling has identified a zone of coherent sandstone-type uranium mineralisation over a strike length in excess of 900m, with thicknesses varying from 1m to 17m. • Assay results have now been received for 48 of the 138 drill holes. • The table below summarises the most significant recent results: NJN064 3m @ 361 ppm U3O8 from 17mNJN065 3m @ 383 ppm U3O8 from 23mNJN076 2m @ 343 ppm U3O8 from 29mNJN098 16m @ 295 ppm U3O8 from 28m including 7m @ 453 ppm U3O8 from 35mNJN120 2m @ 712 ppm U3O8 from 19m and 2m @ 466 ppm U3O8 from 35mNJN121 2m @ 449 ppm U3O8 from 18mNJN122 1m @ 1,035 ppm U3O8 from 22mNJN124 8m @ 481 ppm U3O8 from 32m including 4m @ 718 ppm U3O8 from 33mNJN125 1m @ 861 ppm U3O8 from 22mNJN126 2m @ 315 ppm U3O8 from 21m and 3m @ 285 ppm U3O8 from 25m • These results and the balance of outstanding assay results for the remaining 90 drill holes will be used to produce a revised estimate of the Njame North Inferred Resource in due course. • Infill drilling to a minimum spacing of 100m x 50m (locally to 50m x 50m) to improve resource confidence has commenced at the Njame deposit. This drilling will form part of the Pre-Feasibility Study announced in September 2007. Chirundu JV Project: Drilling Programme Update Assay results have been received by Albidon's joint venture partner AfricanEnergy Resources ("AFR") from the extensional phase of aircore/reversecirculation ("RC") drill testing of the Njame uranium deposit in Zambia (forlocation refer to Diagram 1 in hyperlink above) which indicate the presence ofextensions to the known uranium mineralisation (see Diagram 2 in hyperlinkabove, Table 1 and Table 2). Recent results include the following drilled intersections along strike anddown-dip from the previously reported inferred resource (see Diagram 2 inhyperlink above): NJN064 3m @ 361 ppm U3O8 from 17mNJN065 3m @ 383 ppm U3O8 from 23mNJN076 2m @ 343 ppm U3O8 from 29mNJN098 16m @ 295 ppm U3O8 from 28m including 7m @ 453 ppm U3O8 from 35mNJN120 2m @ 712 ppm U3O8 from 19m and 2m @ 466 ppm U3O8 from 35mNJN121 2m @ 449 ppm U3O8 from 18mNJN122 1m @ 1,035 ppm U3O8 from 22mNJN124 8m @ 481 ppm U3O8 from 32m including 4m @ 718 ppm U3O8 from 33mNJN125 1m @ 861 ppm U3O8 from 22mNJN126 2m @ 315 ppm U3O8 from 21m and 3m @ 285 ppm U3O8 from 25m Uranium mineralisation is hosted in oxidised, coarse grained sandstones, gritsand pebble conglomerates of the Escarpment Grit Formation. The mineralisationdips very gently to the south-east and is situated at shallow depths between 4mand 44m below surface. Assessment of grade-thickness contouring indicates acoherent zone of uranium mineralisation with a strike length of at least 900m(open to the north-east) and thicknesses varying from 1m to 17m (see Diagram 3in hyperlink above). The current drilling programme at Njame is now complete, with 165 drill holesfor a total of 9,959m drilled to date (see Table 3 for location details). Assayresults are still to be received for 90 of the drill holes completed in thecurrent drilling programme. Once all assays have been received the currentresource model will be amended to incorporate all new data and to provide anupdated estimate of the Inferred Resource at Njame North. The results of thisresource modelling will be reviewed by independent experts Coffey Mining/RSGGlobal prior to publication. Forward Drilling Programme for the Chirundu JV Pre-Feasibility Study The following work programme is scheduled over the next two months on theChirundu JV Project: • a programme of infill RC drilling has commenced at the Njame uranium deposit as part of the Pre-Feasibility Study announced in September 2007. This drilling programme will infill the existing drilling pattern to a minimum drill spacing of 100m x 50m, and locally to a 50m x 50m spacing. This has been designed to increase confidence in the mineral resource to JORC Inferred Resource status; • a diamond drilling rig is being mobilised from South Africa to provide further drilling capability at Njame. Diamond drill core from this rig will be used to provide samples for metallurgical test programmes; • on completion of the Njame infill programmes, both drill rigs will mobilise to Gwabe to undertake infill drilling for resource upgrade and to provide samples for metallurgical test work; and • on completion of the Gwabe resource infill drilling, the RC rig will return to Njame to continue exploration drilling to test for extensions to the known mineralisation, with an emphasis on the north-east zone. Background The Njame uranium deposit and the Gwabe uranium mineralisation are locatedapproximately 80km south-east of Lusaka, the capital of Zambia, and form part ofthe Chirundu Joint Venture Project (see Diagram 1 in hyperlink above). AfricanEnergy has earned an initial 30% equity interest in the Chirundu Project fromAlbidon Limited by completing expenditure of AUD1 million on the Project, andcan increase this to a 70% equity interest by completing a Pre-Feasibility Studyon 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 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. See Diagram 1 in the hyperlink above: Location of Albidon's uranium jointventure projects in Zambia. See Diagram 2 in the hyperlink above: Drill location map for Njame Prospectshowing assay results for the infill drilling discussed in text. Labels indicatedrilled widths and ppm U3O8. NSI denotes No Significant Intercepts in therelevant drill hole. See Diagram 3 in the hyperlink above: Drill status map showing location of drillholes completed to date and illustrating the product of uranium grade (in ppmU3O8) multiplied by thickness (in metres). No assays have been received, todate, for the additional drilling completed to the east of the known uraniummineralisation. Table 1: List of Significant Drill Intercepts in latest extensional drilling,all drill holes drilled vertically NJAME URANIUM DEPOSIT: SIGNIFICANT DRILL INTERSECTIONS Hole ID From (m) To (m) Interval (m) Assay (equivalent U3O8 ppm)NJN062 25 26 1 231 and 33 36 3 161NJN063 28 29 1 370NJN064 17 20 3 361NJN065 11 13 2 198 and 23 26 3 383 and 41 42 1 170NJN068 41 42 1 220NJN075 28 31 3 142NJN076 29 31 2 343NJN078 7 9 2 265 and 33 34 1 217NJN079 9 11 2 167NJN081 22 23 1 225NJN091 27 28 1 173NJN098 28 44 16 295 including 35 42 7 453NJN119 42 43 1 154NJN120 19 21 2 712 and 35 37 2 466NJN121 18 20 2 449NJN122 22 23 1 1035NJN123 9 10 1 176 and 17 18 1 153 and 37 39 2 289NJN124 27 29 2 251 and 32 40 8 481 including 33 37 4 718NJN125 22 23 1 861NJN126 21 23 2 315 and 25 28 3 285NJN131 20 21 1 289 Table 2: List of previously reported significant drill intercepts NJAME URANIUM DEPOSIT: SIGNIFICANT DRILL INTERSECTIONS Hole ID From/m To/m Interval/m Equivalent U3O8Njame North NJN003 14 16 2 250 ppmNJN004 19 23 4 278 ppmNJN005 9 10 1 207 ppm and 20 24 4 447 ppmNJN006 20 24 4 225 ppmNJN007 30 33 3 1026 ppmNJN011 17 19 2 708 ppmNJN013 34 36 2 1106 ppmNJN014 20 21 1 362 ppmNJN015 34 44 10 1320 ppm including 35 1 3170 ppm 35 and 37 38 1 1404 ppm and 40 42 2 2638 ppmNJN016 21 23 2 232 ppm and 25 26 1 341 ppmNJN021 31 32 1 520 ppm and 35 36 1 281 ppmNJN022 44 45 1 247 ppm and 52 53 1 284 ppmNJN023 44 52 8 322 ppmNJN025 4 13 9 318 ppm including 6 12 6 386 ppmNJN026 21 25 4 200 ppm and 35 36 1 165 ppmNJN027 33 35 2 289 ppm and39 43 4 300 ppmNJN028 25 28 3 161 ppm and 37 43 6 710 ppmNJN029 16 26 10 203 ppmNJN031 35 44 9 243 ppmNJN032 31 32 1 179 ppm and 40 45 5 551 ppmNJN033 30 32 2 365 ppmNJN034 29 31 2 918 ppmNJN035 37 38 1 808 ppmNJN036 17 19 2 301 ppm and 35 37 2 280 ppmNJN037 24 27 3 938 ppmNJN038 31 33 2 164 ppm and 36 44 8 150 ppmNJN039 23 24 1 223 ppmNJN041 18 19 1 227 ppm and 30 32 2 272 ppmNJN043 30 36 6 200 ppmNJN047 18 19 1 178 ppmNJN048 14 17 3 173 ppm and 22 31 9 145 ppmNJN049 14 16 2 201 ppm and 23 25 2 220 ppmNJN050 35 52 17 606 ppmNjame South NJS002 7 8 1 207 ppmNJS003 10 12 2 262 ppmNJS005 26 27 1 220 ppmNJS006 21 22 1 201 ppmNJS010 23 24 1 515 ppmNJS011 19 23 4 161 ppm and 27 29 2 320 ppmNJS013 20 21 1 177 ppm and 25 26 1 696 ppmNJS020 18 19 1 240 ppmNJS021 23 24 1 278 ppmNJS024 19 22 3 474 ppm and 34 36 2 590 ppm and 38 39 1 194 ppmNJS025 18 20 2 207 ppmNJS026 11 12 1 151 ppm and 41 43 2 267 ppm Assay results are still outstanding for drill holes NJN082 to NJN084 inclusive,NJN099 to NJN113 inclusive, NJN127, NJN130, NJN131 to NJN136 inclusive, NJC001to NJC039 inclusive, and NJE001 to NJE021 inclusive (for locations refer toDiagram 2). Table 3: List of drill hole collar coordinates (WGS84 UTM35S), all drill holesdrilled vertically Hole ID Easting Northing Elevation/m Max Depth/m (UTM35S (UTM35S WGS84) WGS84) NJC001 680,473 8,217,494 451 87 NJC002 680,398 8,217,560 447 64 NJC003 680,329 8,217,642 455 78 NJC004 680,249 8,217,686 470 70 NJC005 680,178 8,217,761 479 91 NJC006 680,095 8,217,824 478 82 NJC007 680,029 8,217,892 479 84 NJC008 680,451 8,216,999 448 55 NJC009 680,375 8,217,063 445 58 NJC010 680,303 8,217,122 458 70 NJC011 680,223 8,217,180 459 70 NJC012 680,146 8,217,252 465 70 NJC013 680,080 8,217,318 467 88 NJC014 679,989 8,217,379 467 76 NJC015 679,912 8,217,449 467 71 NJC016 680,208 8,216,683 457 68 NJC017 680,116 8,216,752 449 64 NJC018 680,042 8,216,828 478 64 NJC019 679,966 8,216,878 461 64 NJC020 679,895 8,216,943 458 70 NJC021 679,895 8,216,943 460 70 NJC022 680,479 8,217,215 452 70 NJC023 680,419 8,217,278 451 70 NJC024 680,350 8,217,351 467 70 NJC025 680,310 8,217,372 461 70 NJC026 680,271 8,217,404 458 70 NJC027 680,237 8,217,430 465 88 NJC028 680,197 8,217,466 458 28 NJC029 680,134 8,217,544 443 76 NJC030 680,177 8,217,207 457 70 NJC031 680,104 8,217,290 462 70 NJC032 680,240 8,216,906 451 64 NJC033 680,160 8,216,959 456 64 NJC034 680,088 8,217,032 461 64 NJC035 680,052 8,217,064 462 64 NJC036 680,013 8,217,095 464 70 NJC037 679,972 8,217,131 458 64 NJC038 679,937 8,217,161 465 64 NJC039 679,860 8,217,227 467 70 NJE001 681,933 8,219,079 449 45 NJE002 681,868 8,219,225 444 70 NJE003 681,523 8,219,530 445 52 NJE004 681,765 8,219,183 449 76 NJE005 681,727 8,219,220 448 76 NJE006 681,901 8,219,197 442 70 NJE007 681,831 8,219,260 443 70 NJE008 681,787 8,219,151 451 70 NJE009 681,820 8,219,103 451 70 NJE010 681,943 8,219,155 448 70 NJE011 681,737 8,219,076 446 70 NJE012 681,693 8,219,104 443 76 NJE013 681,655 8,219,153 455 76 NJE014 681,614 8,219,191 448 76 NJE015 681,769 8,219,053 454 67 NJE016 681,662 8,219,004 442 70 NJE017 681,627 8,219,037 454 70 NJE018 681,584 8,219,076 448 84 NJE019 681,546 8,219,108 449 96 NJE020 682,234 8,219,158 82 NJE021 682,158 8,219,233 439 70 NJE022 682,078 8,219,301 442 94 NJE023 681,985 8,219,381 445 70 NJN001 680,276 8,219,003 511 33 NJN002 680,362 8,218,925 507 45 NJN003 680,422 8,218,854 501 29 NJN004 680,503 8,218,799 495 40 NJN005 680,566 8,218,711 486 27 NJN006 680,650 8,218,654 479 24 NJN007 680,724 8,218,618 474 33 NJN009 680,551 8,219,249 492 59 NJN010 680,550 8,219,189 492 60 NJN011 680,623 8,219,171 487 63 NJN013 680,911 8,219,062 465 36 NJN014 680,989 8,218,998 461 50 NJN015 680,995 8,218,889 470 45 NJN016 681,068 8,218,795 461 26 NJN018 680,919 8,219,538 454 57 NJN019 680,978 8,219,436 470 48 NJN020 681,013 8,219,363 468 51 NJN021 681,116 8,219,315 457 43 NJN022 681,188 8,219,261 454 57 NJN023 681,249 8,219,176 452 57 NJN025 680,442 8,218,713 484 33 NJN026 681,049 8,219,318 462 37 NJN027 681,148 8,219,289 455 45 NJN028 681,204 8,219,199 453 43 NJN029 680,941 8,219,187 459 45 NJN030 680,971 8,219,147 459 45 NJN031 681,014 8,219,111 457 45 NJN032 681,056 8,219,084 457 45 NJN033 681,107 8,219,050 456 45 NJN034 681,148 8,218,995 455 47 NJN035 681,162 8,218,947 456 45 NJN036 680,943 8,219,013 462 45 NJN037 681,001 8,218,961 463 44 NJN038 681,019 8,218,831 468 47 NJN039 681,081 8,218,746 459 42 NJN040 680,662 8,218,928 492 40 NJN041 680,626 8,218,854 495 40 NJN043 680,750 8,218,825 486 40 NJN044 680,785 8,218,799 483 42 NJN045 680,815 8,218,764 478 43 NJN047 680,462 8,218,827 500 30 NJN048 680,539 8,218,774 496 39 NJN049 680,612 8,218,686 483 36 NJN050 680,688 8,218,633 476 57 NJN053 681,302 8,219,381 450 40 NJN054 681,341 8,219,353 450 40 NJN055 681,373 8,219,325 450 36 NJN056 681,112 8,219,050 121 NJN057 681,000 8,218,891 122 NJN058 680,688 8,218,631 120 NJN059 681,042 8,218,449 152 NJN060 681,424 8,218,760 179 NJN061 680,622 8,218,407 468 70 NJN062 680,587 8,218,439 473 60 NJN063 680,553 8,218,472 473 60 NJN064 680,513 8,218,511 483 55 NJN065 680,478 8,218,550 477 52 NJN066 680,448 8,218,584 478 45 NJN067 680,404 8,218,612 470 48 NJN068 680,355 8,218,649 488 45 NJN069 680,331 8,218,679 482 40 NJN070 680,295 8,218,715 483 35 NJN071 680,256 8,218,747 487 30 NJN072 680,217 8,218,782 486 37 NJN073 680,046 8,218,666 506 30 NJN074 680,083 8,218,637 495 30 NJN075 680,118 8,218,600 497 34 NJN076 680,156 8,218,567 491 40 NJN077 680,194 8,218,531 492 82 NJN078 680,249 8,218,476 493 46 NJN079 680,265 8,218,467 494 46 NJN080 680,305 8,218,437 498 52 NJN081 680,348 8,218,405 494 58 NJN082 680,128 8,218,317 481 40 NJN083 680,165 8,218,278 477 46 NJN084 680,376 8,218,349 477 60 NJN085 680,412 8,218,328 476 65 NJN086 680,445 8,218,301 469 65 NJN087 680,358 8,218,166 469 76 NJN088 680,346 8,218,185 475 60 NJN089 680,299 8,218,214 471 60 NJN090 680,255 8,218,239 472 47 NJN091 680,226 8,218,258 477 51 NJN092 680,098 8,218,351 490 45 NJN093 680,050 8,218,387 477 35 NJN094 680,023 8,218,417 498 31 NJN095 679,991 8,218,453 500 30 NJN096 679,908 8,218,511 510 30 NJN097 679,945 8,218,491 514 30 NJN098 680,757 8,218,557 473 67 NJN099 680,797 8,218,514 463 66 NJN100 680,830 8,218,486 461 60 NJN101 680,867 8,218,456 461 52 NJN102 680,755 8,218,829 491 70 NJN103 680,794 8,218,800 484 76 NJN104 680,834 8,218,779 479 100 NJN105 680,860 8,218,732 480 84 NJN106 680,892 8,218,683 480 75 NJN107 681,128 8,218,681 459 70 NJN108 681,105 8,218,717 461 70 NJN109 681,071 8,219,060 463 58 NJN110 681,135 8,219,019 463 52 NJN111 681,172 8,218,962 462 51 NJN112 681,218 8,218,904 460 65 NJN113 681,324 8,218,902 449 60 NJN114 681,307 8,219,144 452 60 NJN115 681,347 8,219,114 457 64 NJN116 681,380 8,219,091 452 64 NJN117 681,436 8,219,058 449 40 NJN118 680,958 8,218,609 467 60 NJN119 680,902 8,218,622 479 58 NJN120 680,927 8,219,045 462 60 NJN121 680,962 8,219,006 464 58 NJN122 680,996 8,218,992 465 62 NJN123 680,996 8,218,915 469 86 NJN124 681,003 8,218,859 468 79 NJN125 681,068 8,218,814 463 82 NJN126 681,074 8,218,767 461 70 NJN127 680,153 8,218,854 497 46 NJN128 680,188 8,218,812 493 52 NJN129 680,653 8,218,372 462 59 NJN130 680,690 8,218,337 464 58 NJN131 680,549 8,218,490 486 64 NJN132 680,383 8,218,618 480 70 NJN133 680,081 8,218,631 497 46 NJN134 680,308 8,218,406 498 88 NJN135 680,277 8,218,217 477 80 NJN136 680,494 8,218,269 470 40 NJS001 678,216 8,215,656 513 46 NJS002 678,319 8,215,527 490 46 NJS003 678,379 8,215,473 486 66 NJS005 678,530 8,215,362 470 42 NJS006 678,618 8,215,276 467 45 NJS007 678,673 8,215,216 462 51 NJS010 678,635 8,215,740 479 49 NJS011 678,719 8,215,713 469 52 NJS012 678,795 8,215,636 463 45 NJS013 678,861 8,215,567 466 56 NJS014 678,937 8,215,497 460 38 NJS015 678,985 8,216,107 474 57 NJS016 678,984 8,215,987 464 42 NJS017 679,058 8,215,932 464 54 NJS018 679,140 8,215,869 456 57 NJS019 679,221 8,215,799 455 36 NJS020 679,126 8,216,433 483 49 NJS021 679,180 8,216,352 475 36 NJS022 679,266 8,216,283 467 54 NJS023 679,337 8,216,221 463 69 NJS024 679,412 8,216,170 462 60 NJS025 679,482 8,216,085 460 50 NJS026 678,416 8,215,650 498 50 NJS029 679,541 8,216,565 461 30 NJS030 679,597 8,216,514 458 30 NJS031 679,675 8,216,443 461 45 NJS032 679,753 8,216,379 458 26 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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