25th Jul 2006 12:28
Albidon Limited25 July 2006 ALBIDON LIMITED LEVEL 1 62 COLIN STREET WEST PERTH 6005 WESTERN AUSTRALIA ARBN 107 288 755 TEL: +61 8 9389 6300 FAX: +61 8 9389 6400 EMAIL: [email protected] ASX CODE: ALB AIM CODE: ALD EXTENSIVE URANIUM MINERALISATION CONFIRMED BY DRILLING AT THE NJAME PROSPECT, ZAMBIA http://www.rns-pdf.londonstockexchange.com/rns/6926g_-2006-7-25.pdf HIGHLIGHTS • Significant thickness and extent of uranium mineralisation has been intersected in initial aircore drilling at Njame prospect, Kariba Valley. • The results confirm the presence of sandstone hosted uranium mineralisation over a large area with potentially economic grades and thicknesses at shallow depths that may be amenable to open pit extraction. • The mineralisation at Njame is further confirmation of the high prospectivity for uranium in the Company's extensive tenement holdings within the Karoo Basins of this region (see attached map). • The table below summarises significant results from the recent programme: Njame North:NJN015: 10m @ 1320ppm U3O8 from 34m, inc. 1m @ 3170 ppm U3O8 from 35m and 2m @ 2638 ppm U3O8 from 40mNJN007: 3m @ 1026 ppm U3O8 from 30mNJN013: 2m @ 1106 ppm U3O8 from 34mNJN011: 2m @ 708 ppm U3O8 from 17mNJN023: 8m @ 322 ppm U3O8 from 44mNJN025: 9m @ 318 ppm U3O8 from 4m Njame South:NJS013: 1m @ 696 ppm U3O8 from 25mNJS010: 1m @ 515 ppm U3O8 from 23mNJS024: 3m @ 473 ppm U3O8 from 19m • First phase reconnaissance and infill drilling now completed at Njame North and Njame South prospects, mineralisation remains open along strike in both directions and at down dip, • Work has commenced on developing an initial resource estimate for Njame North and scoping of metallurgy and processing options. • Assay results for infill drillholes expected in the next month. • Initial drilling of the Chisebuka Prospect will commence in August. • The drill program is being funded and operated by Energy Ventures Ltd's (ASX : EVE) subsidiary Africa Energy Resources Pty Ltd (African Energy), under the terms of an option and farm-in agreement covering portions of Albidon Limited's extensive licence holdings in southern Zambia. Drilling Program Update Energy Ventures Limited's subsidiary African Energy Resources Limited ('AfricanEnergy') commenced drilling of the Njame uranium prospects on 3 May 2006. Thedrill program is being funded and operated by African Energy under the terms ofan option and farm-in agreement covering portions of Albidon Limited's ('Albidon') extensive licence holdings in southern Zambia. The first stage of aircore drilling at the Njame prospects has been completed ona nominal 400m x 100m grid pattern, and assays have been received for the first44 drillholes. At Njame North, twenty-one vertical aircore drill holes weredrilled for a total of 897m (see Diagram 1 in the hyperlink above). At NjameSouth, twenty-three vertical aircore holes for a total of 1,146m were completedin this first phase (see Diagram 2 in the hyperlink above). Drill samples werecollected over 1m drill lengths, and have been assayed using the pressed-pelletXRF method. Table 1 lists all significant intersections that have been returned for thisphase of drilling, and Table 2 lists all drillhole collar locations. The drilling program has established the following: • Significant mineralised intersections have been made on all three traverses at Njame North. • At Njame North, mineralisation is open along strike in both directions, and is open down dip (see Diagram 3 in the hyperlink above). • The mineralisation is near-surface, with cover thickness varying from 5m to 34m. These results further confirm the previous drilling and the presence ofsignificant uranium mineralisation at Njame North and Njame South. Based on thepreviously reported drill results and scintillometer readings for reconnaissancedrill samples, a phase of infill drilling was undertaken at Njame North, with afurther twenty-six drillholes completed. A further four drillholes were alsocompleted at Njame South. Samples from these thirty drillholes have beensubmitted for assay, with results expected in the next month. Quality assurance and quality control measures (standards, blanks and fieldduplicate samples) have been evaluated and found to be satisfactory for allsample batches. Forward Program The next stage of work is underway with the following objectives to be achievedover the coming month: • Final assays for all infill drillholes from Njame North and South. • Submission for assay of drill samples from the Munyumbwe 'A' uranium prospect. • Site preparation work for drilling at Chisebuka. The following additional programs are planned over the coming months: • Preparation of initial resource estimate for Njame North. • Scoping of metallurgical and processing characteristics of the mineralisation. • Phase 1 drilling at Chisebuka. • Airborne radiometric survey over high priority regional targets in eastern and southern Zambia. • Field follow-up of radiometric anomalies defined in the airborne survey. African Energy-Albidon Exploration Agreement The Njame uranium prospects form part of the Energy Ventures-Albidon ExplorationAgreement area. Energy Ventures Limited, through its subsidiary African EnergyResources, is undertaking a A$500,000 exploration program over two years to earnan option to enter a Joint Venture with Albidon on one or more project areas.African Energy may earn a 30% interest in each project area by expending A$1million on the selected project area, and may then proceed to earn a 70%interest by completing a Prefeasibility Study on a JORC Indicated Resource. African Energy's Karoo Basin Uranium Projects The Njame Prospect is located approximately 85km south of Zambia's capital cityLusaka (see Diagram 4 in the hyperlink above). Njame is one of a number ofprospects in Zambia's Kariba Valley Uranium District being evaluated under theAgreement with Albidon. This forms part of the Company's wider Karoo BasinUranium Project that covers areas from north Botswana through Zambia andZimbabwe into Malawi (see Diagram 5 in the hyperlink above). A number ofsignificant uranium deposits and prospects occur throughout the Karoo Basins inthis area, including Kayelekera (Paladin Resources Ltd) in Malawi, Kanyemba inZimbabwe and Dibwe-Mutanga (Omega Corp Ltd) in Zambia. The Kariba Valley Uranium district in southern Zambia was identified duringexploration by uranium mining companies in the 1970's and early 1980's. Duringthis time a large number of sandstone-hosted uranium prospects identified byradiometric surveying were mapped and sampled, with some shallow drilling. African Energy's evaluation of the historical data related to these programs ledto the recognition of four high priority prospects for early drill testing:Njame North, Njame South, Chisebuka and Munyumbwe 'A'. The initial objective ofthe drill program is to confirm the historical reports of uranium mineralisationat these prospects, establish initial resources where possible and undertakethorough testing of major radiometric anomalies previously identified. 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 "Indicated" and "Inferred Resources" are to those terms as defined in theJORC Code. Information in this report relating to exploration results is based on datacompiled by Dr Frazer Tabeart (an employee of the Company), who is a member ofthe Australian Institute of Geoscientists. Frazer Tabeart has sufficientexperience which is relevant to the style of mineralisation and type of depositunder consideration and to the activity which he is undertaking to qualify as aCompetent Person under the 2004 Edition of the Australasian Code for reportingof Exploration Results, Mineral Resources and Ore Reserves. Frazer Tabeartconsents to the inclusion of the data in the form and context in which itappears. If you have any queries please contact the Company Secretary, Nicholas Day on+61 8 9389-6300 e-mail: [email protected] Table 1. Significant Intersections from Njame reconnaissance drilling. Hole ID From/m To/m Interval Equivalent U3O8Njame NorthNJN003 14 16 2m 250 ppmNJN004 19 23 4m 278 ppmNJN005 9 10 1m 207 ppm and 20 24 4m 447 ppmNJN006 20 24 4m 225 ppmNJN007 30 33 3m 1026 ppmNJN011 17 19 2m 708 ppmNJN013 34 36 2m 1106 ppmNJN014 20 21 1m 362 ppmNJN015** 34 44 10m 1320 ppm including 35 35 1m 3170 ppm and 37 38 1m 1404 ppm and 40 42 2m 2638 ppmNJN016 21 23 2m 232 ppm and 25 26 1m 341 ppmNJN021 31 32 1m 520 ppm and 35 36 1m 281 ppmNJN022 44 45 1m 247 ppm and 52 53 1m 284 ppmNJN023 44 52 8m 322 ppmNJN025 4 13 9m 318 ppm including 6 12 6m 386 ppmNjame SouthNJS002 7 8 1m 207 ppmNJS003 10 12 2m 262 ppmNJS005 26 27 1m 220 ppmNJS006 21 22 1m 201 ppmNJS010 23 24 1m 515 ppmNJS011 19 23 4m 161 ppm and 27 29 2m 320 ppmNJS013 20 21 1m 177 ppm and 25 26 1m 696 ppmNJS020 18 19 1m 240 ppmNJS021 23 24 1m 278 ppmNJS024 19 22 3m 474 ppm and 34 36 2m 590 ppm and 38 39 1m 194 ppmNJS025 18 20 2m 207 ppmNJS026 11 12 1m 151 ppm and 41 43 2m 267 ppm ** Note that these results are higher than those previously reported for thisdrillhole (on 23 May 2006, an interval of 10m @ 760 ppm U3O8 from 34m). Theprevious assays were for reconnaissance sub-samples with a nominal weight of100gm whereas the present assays were performed on the remaining bulk of theprimary reference sample and are regarded as being more representative. Table 2. Reconnaissance drill collar locations. All holes drilled vertically. Hole ID Easting (Arc1950 Northing (Arc1950 Elevation/m utm35s) utm35s)Njame North NJN001 680275 8219292 511NJN002 680361 8219214 507NJN003 680421 8219143 501NJN004 680503 8219088 495NJN005 680565 8219000 486NJN006 680649 8218943 479NJN007 680723 8218907 474NJN009 680550 8219538 492NJN010 680550 8219478 492NJN011 680622 8219460 487NJN013 680911 8219351 465NJN014 680988 8219287 461NJN015 680994 8219178 470NJN016 681067 8219084 461NJN018 680919 8219827 454NJN019 680977 8219725 470NJN020 681012 8219652 468NJN021 681115 8219604 457NJN022 681187 8219550 454NJN023 681249 8219465 452NJN025 680441 8219002 484 Njame South NJS001 678215 8215945 513NJS002 678318 8215816 490NJS003 678378 8215762 486NJS005 678529 8215651 470NJS006 678618 8215564 467NJS007 678672 8215504 462NJS010 678635 8216029 479NJS011 678718 8216002 469NJS012 678794 8215925 463NJS013 678861 8215856 466NJS014 678937 8215786 460NJS015 678985 8216396 474NJS016 678984 8216276 464NJS017 679058 8216220 464NJS018 679139 8216158 456NJS019 679221 8216088 455NJS020 679125 8216722 483NJS021 679180 8216641 475NJS022 679265 8216572 467NJS023 679337 8216510 463NJS024 679411 8216459 462NJS025 679481 8216374 460NJS026 678415 8215939 498 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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