18th Dec 2007 07:00
Albidon Limited18 December 2007 ALBIDON LIMITED LEVEL 162 COLIN STREETWEST PERTH WA 6005AUSTRALIA TELEPHONE: +61 89211 4600 FACSIMILE: +61 8 9211 4699 EMAIL: [email protected] WEBSITE: www.albidon.com ABN 86 107 288 755 ASX Code: ALB AIM Code: ALD via electronic lodgement December 18, 2007 Initial Resource Estimate Voyager Deposit, Munali Project, Zambia Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/1347k_-2007-12-18.pdf HIGHLIGHTS • An initial Inferred Resource estimate of 1.2Mt @ 0.9% Ni and 1.1g/t of platinum group metals ('PGM') has been completed for the Voyager deposit. • The Voyager deposit contains 11,500 tonnes of Ni and 43,800 ounces of PGM. • The total Indicated and Inferred Resource for the Munali Project has now been increased to 10.3Mt @ 1.2% Ni and 0.9g/t for 123,500 tonnes of Ni and 286,800 ounces of PGM. Initial Mineral Resource Estimate for Voyager Nickel Deposit The Munali Project (100% Albidon) is located approximately 60 kilometres southof Zambia's capital city Lusaka (see Diagram 1 in the hyperlink above). TheMunali Project area comprises the Enterprise and Voyager deposits as well as anumber of other nickel prospects around the Munali intrusion. An initial JORC-compliant resource estimate has been completed for the Voyagerdeposit and has been reviewed by an independent geological group ResourceEvaluations Pty Ltd. Table 1: Voyager Deposit Resource Estimate cut-off > 0.6% Ni Grade Metal Class Tonnes Ni % Cu % Co % Pd g/t Pt g/t PGM g/t Ni PGM Oz tonnes Inferred 1,200,000 0.9 0.1 0.05 0.7 0.4 1.1 11,500 43,800 Total 1,200,000 0.9 0.1 0.05 0.7 0.4 1.1 11,500 43,800 The Voyager resource has been estimated from 26 reverse circulation and 13diamond drill holes completed on 50 metre sections with a nominal spacing of 40metres between each hole. The drilling identified a steeply dipping (70degrees to 78degrees) mineralisedhorizon which is interpreted as the same mineralised horizon that hosts the orezones in the Enterprise deposit, approximately 400 metres further south east ofthe Voyager deposit (See Diagram 2 in the hyperlink above). Mineral Resource Summary - Munali Nickel Project The total resource for the Munali Project has now been increased to over 10.3Mtof ore. Of this total resource 7.5Mt, over 70%, has been classified as Indicatedunder the JORC code. Table 2: Munali Project Resource Breakdown @ > 0.6% Ni Grade Metal Class Tonnes Ni % Cu % Co % Pd g/t Pt g/t PGM g/t Ni T PGM Oz ENTERPRISE DEPOSIT Indicated 7.54Mt 1.3 0.2 0.07 0.6 0.3 0.9 96,600 209,500 Inferred 1.58Mt 1.0 0.1 0.06 0.5 0.2 0.7 15,400 33,500 Sub Total 9.12Mt 1.23 0.2 0.07 0.6 0.3 0.9 112,000 243,000 VOYAGER DEPOSIT Inferred 1.2Mt 0.9 0.1 0.05 0.7 0.4 1.1 11,500 43,800 Total 10.32Mt 1.2 0.2 0.07 0.6 0.3 0.9 123,500 246,800 A scoping study for the Voyager resource will commence early in 2008. With thehistory of resource conversion at Munali and the infrastructure currently underconstruction, it is possible Voyager will add to either the current mine life ofMunali or the production rate per annum. Forward Programme • Complete the construction of the Munali concentrator - scheduled for mid Q2 - 2008. • Continue development of the Enterprise decline. The target is to intersect the first production levels in Q1 - 2008. • Re-logging of the Voyager drill holes to better define the geological domains, allowing conversion of some of the Inferred resource to Indicated. • Complete a scoping study for Voyager in Q1 - 2008. 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 Mineral Resources has been eithercompleted by or reviewed by Mr Mike Dunbar, who is a full time employee of theMitchell River Group and a consultant to the Company, who is a member of TheAustralasian Institute of Mining and Metallurgy or Mr Paul Payne of ResourceEvaluations Ltd. who is a member of The Australasian Institute of Mining andMetallurgy and Mr Dunbar and Mr Payne have sufficient experience which isrelevant to the style of mineralisation and type of deposit under considerationand to the activity which he is undertaking to qualify as a Competent Personunder the 2004 Edition of the Australasian Code for reporting of ExplorationResults, Mineral Resources and Ore Reserves. Mr Dunbar and Mr Payne consent tothe inclusion of the data in the form and context in which it appears. If you have any queries please contact Dale Rogers, Managing Director or theCompany Secretary, Nicholas Day 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 at www.albidon.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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