19th Jun 2006 10:43
Albidon Limited19 June 2006 Suite 1 Hillway House 141 Broadway Nedlands 6009ALBIDON LIMITED Western Australia ARBN 107 288 755 Tel:x+61x8x9389 6300 Fax:x +61x8x9389 6400 Email: [email protected] ASX Code: ALB AIM Code: ALD http://www.rns-pdf.londonstockexchange.com/rns/7870e_-2006-6-19.pdf via electronic lodgement Luwumbu Platinum Discovery Zone Confirmed HIGHLIGHTS • Goldstream has announced further platinum drill intersections from the Luwumbu Project in southwest Tanzania. • Drillhole NDH018, in the Nkenja East area at Luwumbu intersected a broad zone of Platinum Group Metal mineralisation approximately 50m up-dip from the high grade intersection from the NDH014 discovery reported on 11 January 2006. • Drilling is continuing. Albidon owns a 10% interest in the Luwumbu Project, in which Goldstream MiningNL, in joint venture with Lonmin plc, is exploring for Platinum Group Metal(PGM) mineralisation at Luwumbu in southwest Tanzania. The Luwumbu Joint Ventureenables Lonmin to earn a 70% interest from both Goldstream (90%) and Albidon(10%) by funding all exploration to the completion of a Feasibility Study. The initial discovery drillhole, NDH014, intersected 16.14m at 5.36g/t Pt+Pd+Au(2PGM+Au) from a down-hole depth of 258.63m. This compares with the newmineralised intersection in drillhole NDH018 of 22.3m from 199.7m. The lower 17.1m of the samples sent for priority assay averaged 2.34g/t 2PGE+Au.The last sample in the batch assayed 13.9g/t 2PGE+Au over 50cm. A further 1.2mbelow this sample of visually similar disseminated chromite and sulphidemineralisation remains to be assayed. The more significant intersections are listed in the following table: From Width Pd Pt AU 2PGM+AU (m) g/t g/t g/t g/t 203.7m 4.50m 2.39g/t 0.61g/t 0.14g/t 3.14g/t incl 204.7m 2.00m 3.87g/t 1.04g/t 0.23g/t 5.13g/t 212.8m 2.50m 1.42g/t 0.29g/t 0.13g/t 1.84g/t 218.3m 2.50m 3.77g/t 1.24g/t 0.23g/t 5.23g/t incl 219.8m 1.00m 7.21g/t 2.50g/t 0.45g/t 10.16g/t From Widt Pt Au 2PGE+Au PGM determination utilised the fire assay lead collection method withdissolution to analyse individual Pt, Pd and Au concentrations by ICP-MS finish.The full mineralized interval will be further assayed by the nickel sulphidecollection method to determine rhodium, ruthenium and iridium. Once the assaysfrom these samples are available, Goldstream will release details of thecomplete mineralized interval. The intersections are interpreted to approximate to true width and are alignedon an apparent cross sectional dip of 400. Outcrops of chrome-rich dunite with anomalous PGM, nickel and copper, that aresimilar in appearance to the mineralised zone intersected in drilloles NDH014and NDH018 have been located approximately 500m north of the current drilling,see Diagram 1 in the hyperlink above. The exploration team has also commenced pattern drilling with a motor auger topenetrate the extensive shallow cover to provide detailed bedrock geochemistry.The method is proving effective for acquiring reconnaissance regolith mappingand geochemical sampling. The first bedrock samples have been dispatched toAustralia for analysis. Songea Nickel Copper Project (Albidon 100%) At Songea to the South of Luwumbu, Albidon is conducting an infill samplingprogramme to follow up several nickel-copper geochemical targets defined in late2005 (this programme is to be funded by Joint Venture partner BHP Billiton). Information in this announcement relating to exploration results is based ondata compiled by Bianca Manzi who is a Member of the Australian Institute ofGeoscientists, and who is a full-time employee of Goldstream. Bianca Manzi hassufficient relevant experience to qualify as a Competent Person under the 2004Edition of the Australasian Code for reporting of Exploration Results, MineralResources and Ore Reserves. Bianca Manzi consents to the inclusion of the datain 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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