11th Jan 2006 07:00
Albidon Limited11 January 2006 Suite 1 Hillway House 141 BroadwayAlbidon limited Nedlands 6009 Western Australia ARBN 107 288 755 Tel:x+61x8x9389 6300 Fax:x +61x8x9389 6400 Email:[email protected] ASX Code: ALB AIM Code: ALD via electronic lodgement Please paste the link below into your web browser to view the full PDF associated with this announcement. http://www.rns-pdf.londonstockexchange.com/rns/7543w_-2006-1-11.pdf New High Grade PGE Discovery at Luwumbu Joint Venture HIGHLIGHTS • Goldstream has announced a significant PGE drill intersection from Luwumbu in southern Tanzania, East Africa. • A new high grade zone of PGE mineralisation has been intersected by drill hole NDH014 which returned 16.14m @ 5.36g/t Pt+Pd+Au (2PGE+Au) including 1.67m @ 26.82g/t 2PGE+Au. • Albidon owns a 10% interest in the project (reducing to 3%). Goldstream Mining NL, in joint venture with Lonmin plc, is exploring forPlatinum Group Element (PGE) mineralisation at Luwumbu in southern Tanzania. TheLuwumbu Joint Venture enables Lonmin to earn a 70% interest from both Goldstream(90%) and Albidon (10%) by funding all exploration to the completion of afeasibility study. Significant PGE intersections from diamond drill hole NDH014 include: Hole Depth Width Ni AU Pd Pt 2PGE+AU (m) (m) (%) g/t g/t g/t g/t NDH014 258.63 16.14 0.27 0.15 4.17 1.04 5.36 includes 258.63 1.67 0.32 0.55 21.85 4.42 26.82 includes 258.63 0.35 0.32 0.69 41.88 6.28 48.85 includes 262.70 0.48 0.22 0.14 7.11 2.94 10.19 includes 270.00 0.50 0.46 0.43 7.87 2.23 10.53 The hole was inclined at 50 degrees to the northeast to intersect interpretedsouthwest dipping stratigraphy. The mineralisation is hosted by serpentiniseddunite which is characterised by abundant disseminated and narrow layers ofchromite and by low levels of base metal and sulphur (average 0.3%Ni, 0.02% Cu,0.2% S). The overall Pd to Pt ratio is 4:1. Check assaying of split pulp samples by a Perth based laboratory has confirmedthe original assay levels. A full suite of associated PGE's including rhodiumand osmium is being determined by the Nickel Sulphide (NiS) fire assay method. Drill hole NDH014 was one of eight diamond drill holes completed in late 2005testing a number of different stratigraphic and geochemical targets. The holewas positioned to give a reconnaissance test of the 7km long Northern Arcultramafic zone at a point 1.5km east of the established Nkenja PGEmineralisation (see Figure 1 in the hyperlink above). Drill holes NDH010 to 013from the Nkenja area did not return any significant values. Assays for drillholes NDH015 to 017 have not yet been received. The Nkenja mineralisation occurs in the northern section of the 3,200km2 Luwumbuproject area. International road and rail links pass through the major town ofMbeya which is located 70km to the north-west. A power line connected to thestate grid crosses the project area. 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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