RNS Number:5544I
Albidon Limited
06 September 2006
Level 1
62 Colin Street
West Perth 6005
ALBIDON LIMITED Western Australia
ARBN 107 288 755
Tel:x+61x8x9211 4600
Fax:x +61x8x9211 4699 Email:
xinfo@albidon.com
ASX Code: ALB
AIM Code: ALD
via electronic lodgement
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INFILL DRILLING CONFIRMS EXTENSIVE URANIUM MINERALISATION AT THE NJAME NORTH
PROSPECT, 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 Energy
Resources Limited ('African Energy'), a subsidiary of Energy Ventures Limited,
has completed a program of infill drilling of the previously discovered Njame
North uranium prospect. The drill program was funded and operated by African
Energy under the terms of an option and farm-in agreement covering portions of
Albidon's extensive licence holdings in southern Zambia.
The first stage of aircore drilling at the Njame North prospect comprised 21
vertical aircore holes for 897m on a nominal 400m x 100m grid pattern (see
Diagram 1 in the hyperlink above). Assay results for this initial program
(previously announced on 26th July 2006) confirmed the presence of significant
uranium mineralisation, and an infill program of a further 26 vertical aircore
holes for 1,103 m was completed, to a nominal 200m x 50m grid pattern (see
Diagram 1 in the hyperlink above). Drill samples were collected over 1m drill
lengths, and were assayed using the pressed-pellet XRF method.
Table 1 lists all significant intersections that have been returned for the
infill 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 and
continuity of the uranium mineralisation at Njame North.
Forward Program
The next stage of work is underway with the following objectives to be achieved
over 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 Exploration
Agreement area. Energy Ventures Limited, through its subsidiary African Energy
Resources, is undertaking a A$500,000 exploration program over two years to earn
an 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 $1
million 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 city
Lusaka (see Diagram 2 in the hyperlink above). Njame is one of a number of
prospects in Zambia's Kariba Valley Uranium District being evaluated under the
Agreement between Albidon and African Energy. This forms part of African
Energy's wider Karoo Basin Uranium Project that covers areas from north Botswana
through Zambia and Zimbabwe into Malawi (see Diagram 3 in the hyperlink above).
A number of significant uranium deposits and prospects occur throughout the
Karoo Basins in this area, including Kayelekera (Paladin Resources Ltd) in
Malawi, Kanyemba in Zimbabwe and Dibwe-Mutanga (Omega Corp Ltd) in Zambia.
The Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (the 'JORC Code') sets out minimum standards, recommendations
and guidelines for Public Reporting in Australasia of Exploration Results,
Mineral Resources and Ore Reserves. The information contained in this
announcement has been presented in accordance with the JORC Code and references
to "Indicated" and "Inferred Resources" are to those terms as defined in the
JORC Code.
Information in this report relating to exploration results is based on data
compiled by Dr Frazer Tabeart (an employee of Energy Ventures Limited), who is a
member of the Australian Institute of Geoscientists. Frazer Tabeart has
sufficient experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person under the 2004 Edition of the Australasian Code
for reporting of Exploration Results, Mineral Resources and Ore Reserves. Frazer
Tabeart consents to the inclusion of the data in the form and context in which
it appears.
If you have any queries please contact the Company Secretary, Nick Day on +61 8
9211 4600 or e-mail: nickd@albidon.com. Additional information may be viewed on
Albidon'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 U3O8
Njame North
NJN026 21 25 4m 200 ppm
and 35 36 1m 165 ppm
NJN027 33 35 2m 289 ppm
and39 43 4m 300 ppm
NJN028 25 28 3m 161 ppm
and 37 43 6m 710 ppm
NJN029 16 26 10m 203 ppm
NJN031 35 44 9m 243 ppm
NJN032 31 32 1m 179 ppm
and 40 45 5m 551 ppm
NJN033 30 32 2m 365 ppm
NJN034 29 31 2m 918 ppm
NJN035 37 38 1m 808 ppm
NJN036 17 19 2m 301 ppm
and 35 37 2m 280 ppm
NJN037 24 27 3m 938 ppm
NJN038 31 33 2m 164 ppm
and 36 44 8m 150 ppm
NJN039 23 24 1m 223 ppm
NJN041 18 19 1m 227 ppm
and 30 32 2m 272 ppm
NJN043 30 36 6m 200 ppm
NJN047 18 19 1m 178 ppm
NJN048 14 17 3m 173 ppm
and 22 31 9m 145 ppm
NJN049 14 16 2m 201 ppm
and 23 25 2m 220 ppm
NJN050 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/m
Njame North
NJN026 681049.04 8219318.49 461.79 37
NJN027 681148.24 8219289.49 454.79 45
NJN028 681203.94 8219199.49 452.80 43
NJN029 680940.84 8219187.49 458.80 45
NJN030 680970.54 8219147.49 458.80 45
NJN031 681013.84 8219111.49 456.80 45
NJN032 681055.64 8219084.49 456.80 45
NJN033 681107.34 8219050.49 455.80 45
NJN034 681148.34 8218995.49 454.80 47
NJN035 681161.64 8218947.49 455.80 45
NJN036 680942.54 8219013.49 461.80 45
NJN037 681000.84 8218961.49 462.80 44
NJN038 681019.14 8218831.49 467.80 47
NJN039 681081.44 8218746.49 458.81 42
NJN040 680661.64 8218928.49 491.80 40
NJN041 680625.64 8218854.49 494.80 40
NJN043 680750.14 8218825.49 485.80 40
NJN044 680785.44 8218799.49 482.80 42
NJN045 680815.44 8218764.49 477.81 43
NJN047 680461.54 8218827.49 499.80 30
NJN048 680538.64 8218774.49 495.80 39
NJN049 680612.34 8218686.49 482.81 36
NJN050 680687.74 8218633.49 475.81 57
NJN053 681302.00 8219381.00 450.00 40
NJN054 681341.00 8219353.00 449.79 40
NJN055 681373.00 8219325.00 449.79 36
This information is provided by RNS
The company news service from the London Stock Exchange
END
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