6th Sep 2006 09:56
Albidon Limited06 September 2006 Level 1 62 Colin Street West Perth 6005ALBIDON LIMITED Western Australia ARBN 107 288 755 Tel:x+61x8x9211 4600 Fax:x +61x8x9211 4699 Email: [email protected] ASX Code: ALB AIM Code: ALDvia 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/5544i_-2006-9-6.pdf INFILL DRILLING CONFIRMS EXTENSIVE URANIUM MINERALISATION AT THE NJAME NORTHPROSPECT, ZAMBIA HIGHLIGHTS • Extensive zones of uranium mineralisation have been confirmed in infill aircore drilling at Njame North, in the Kariba Valley, Zambia. • The drill results indicate that sandstone-hosted uranium mineralisation is present over a large area with grades and thicknesses that may be amenable to economic extraction. • The table below summarises significant results from the infill drilling programme at the Njame North prospect: NJN028: 6m @ 710 ppm U3O8 from 37m NJN032: 5m @ 551 ppm U3O8 from 40m NJN034: 2m @ 918 ppm U3O8 from 29m NJN037: 3m @ 938 ppm U3O8 from 24m NJN050: 17m @ 606 ppm U3O8 from 35m • Reconnaissance drilling and phase one infill drilling have now been completed at Njame North and work is well advanced on preparing an initial resource estimate. • Mineralisation remains open along strike in both directions and down dip. • Scoping studies of metallurgy and processing options for the Njame North mineralisation will commence in the next quarter. • Initial drilling of the analogous Chisebuka Prospect will commence later this month, as soon as a drill rig can be mobilised. • Large scale airborne radiometric surveys will commence in the next quarter over a number of new targets in the prospective Karoo basins covered by the JV tenements. Drilling Program Update Under the terms of an exploration agreement with Albidon, African EnergyResources Limited ('African Energy'), a subsidiary of Energy Ventures Limited,has completed a program of infill drilling of the previously discovered NjameNorth uranium prospect. The drill program was funded and operated by AfricanEnergy under the terms of an option and farm-in agreement covering portions ofAlbidon's extensive licence holdings in southern Zambia. The first stage of aircore drilling at the Njame North prospect comprised 21vertical aircore holes for 897m on a nominal 400m x 100m grid pattern (seeDiagram 1 in the hyperlink above). Assay results for this initial program(previously announced on 26th July 2006) confirmed the presence of significanturanium mineralisation, and an infill program of a further 26 vertical aircoreholes for 1,103 m was completed, to a nominal 200m x 50m grid pattern (seeDiagram 1 in the hyperlink above). Drill samples were collected over 1m drilllengths, and were assayed using the pressed-pellet XRF method. Table 1 lists all significant intersections that have been returned for theinfill drilling, and Table 2 lists all drillhole collar locations. The infill drilling program has established the following: • Mineralisation at Njame North occurs in two layers, with the lower being thicker and generally higher grade. • Mineralisation is of the style referred to as sandstone-type uranium mineralisation, hosted by Karoo sediments. • Mineralisation is open along strike in both directions, and is open down dip. • The mineralisation is near-surface, with cover thickness varying from 5m to 34m. These results have substantially increased confidence in the distribution andcontinuity of the uranium mineralisation at Njame North. Forward Program The next stage of work is underway with the following objectives to be achievedover the coming months: • Preparation of initial resource estimate for Njame North. • Scoping of metallurgical and processing characteristics of the mineralisation at Njame North. • Site preparation work for drilling at Chisebuka, some 100km to the south-west (refer to Diagram 2 in the hyperlink above). • Initial drilling at Chisebuka. • Airborne radiometric survey over high priority regional targets in eastern and southern Zambia. Albidon-African Energy Exploration Agreement The Njame uranium prospects form part of the Albidon-Energy Ventures 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 AUD $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 2 in the hyperlink above). Njame is one of a number ofprospects in Zambia's Kariba Valley Uranium District being evaluated under theAgreement between Albidon and African Energy. This forms part of AfricanEnergy's wider Karoo Basin Uranium Project that covers areas from north Botswanathrough Zambia and Zimbabwe into Malawi (see Diagram 3 in the hyperlink above).A number of significant uranium deposits and prospects occur throughout theKaroo Basins in this area, including Kayelekera (Paladin Resources Ltd) inMalawi, Kanyemba in Zimbabwe and Dibwe-Mutanga (Omega Corp Ltd) in Zambia. 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 Energy Ventures Limited), who is amember of the Australian Institute of Geoscientists. Frazer Tabeart hassufficient experience which is relevant to the style of mineralisation and typeof deposit under consideration and to the activity which he is undertaking toqualify as a Competent Person under the 2004 Edition of the Australasian Codefor reporting of Exploration Results, Mineral Resources and Ore Reserves. FrazerTabeart consents to the inclusion of the data in the form and context in whichit appears. If you have any queries please contact the Company Secretary, Nick Day on +61 89211 4600 or e-mail: [email protected]. Additional information may be viewed onAlbidon's website at www.albidon.com Table 1. Significant Uranium Intersections from Njame North infill drilling. Hole ID From/m To/m Interval/m Equivalent U3O8Njame North NJN026 21 25 4m 200 ppm and 35 36 1m 165 ppmNJN027 33 35 2m 289 ppm and39 43 4m 300 ppmNJN028 25 28 3m 161 ppm and 37 43 6m 710 ppmNJN029 16 26 10m 203 ppmNJN031 35 44 9m 243 ppmNJN032 31 32 1m 179 ppm and 40 45 5m 551 ppmNJN033 30 32 2m 365 ppmNJN034 29 31 2m 918 ppmNJN035 37 38 1m 808 ppmNJN036 17 19 2m 301 ppm and 35 37 2m 280 ppmNJN037 24 27 3m 938 ppmNJN038 31 33 2m 164 ppm and 36 44 8m 150 ppmNJN039 23 24 1m 223 ppmNJN041 18 19 1m 227 ppm and 30 32 2m 272 ppmNJN043 30 36 6m 200 ppmNJN047 18 19 1m 178 ppmNJN048 14 17 3m 173 ppm and 22 31 9m 145 ppmNJN049 14 16 2m 201 ppm and 23 25 2m 220 ppmNJN050 35 52 17m 606 ppm Table 2. Infill drill collar locations. All holes drilled vertically. Hole ID Easting (WGS84 Northing (WGS84 Collar Hole Depth/m utm35s) utm35s) Elevation/mNjame NorthNJN026 681049.04 8219318.49 461.79 37NJN027 681148.24 8219289.49 454.79 45NJN028 681203.94 8219199.49 452.80 43NJN029 680940.84 8219187.49 458.80 45NJN030 680970.54 8219147.49 458.80 45NJN031 681013.84 8219111.49 456.80 45NJN032 681055.64 8219084.49 456.80 45NJN033 681107.34 8219050.49 455.80 45NJN034 681148.34 8218995.49 454.80 47NJN035 681161.64 8218947.49 455.80 45NJN036 680942.54 8219013.49 461.80 45NJN037 681000.84 8218961.49 462.80 44NJN038 681019.14 8218831.49 467.80 47NJN039 681081.44 8218746.49 458.81 42NJN040 680661.64 8218928.49 491.80 40NJN041 680625.64 8218854.49 494.80 40NJN043 680750.14 8218825.49 485.80 40NJN044 680785.44 8218799.49 482.80 42NJN045 680815.44 8218764.49 477.81 43NJN047 680461.54 8218827.49 499.80 30NJN048 680538.64 8218774.49 495.80 39NJN049 680612.34 8218686.49 482.81 36NJN050 680687.74 8218633.49 475.81 57NJN053 681302.00 8219381.00 450.00 40NJN054 681341.00 8219353.00 449.79 40NJN055 681373.00 8219325.00 449.79 36 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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