ALBIDON CHIRUNDU URANIUM JV PROJECT
Highlights of todays news:
Infill Reverse circulation (RC) drilling continues to deliver good results.
Recent results from infill drilling at the Njame deposit continue to demonstrate ore grades and thicknesses of uranium mineralisation, and include:
16m @ 885 ppm U3O8from 26m
6m @ 664 ppm U3O8 from 23m
9m @ 364 ppm U3O8 from 39m
21m @ 214 ppm U3O8 from 18m
10m @ 413 ppm U3O8 from 30m
16m @ 451 ppm U3O8 from 24m
8m @ 347 ppm U3O8 from 33m
8m @ 506 ppm U3O8 from 22m
11m @ 349 ppm U3O8 from 29m
The RC drilling component of the infill drilling programme has been completed ahead of schedule and on budget for both the Njame and Gwabe deposits.
Large diameter infill drilling will be completed in October, on time and on budget. These core samples will provide material for uranium assays, metallurgical testwork and for geotechnical logging.
The infill drilling was designed to enable both deposits to be classified as Indicated Resources. In addition, the target at Njame was for the first two years of production to be classified as a Measured Resource.
A Measured and Indicated Resource statement will be prepared in Q4, 2008.
GRDM Minproc (Johannesburg) has been appointed Study Manager of the Bankable Feasibility Study (BFS) and will lead a consortium of consulting companies who have been contracted to undertake mine design, process design, engineering design, geotechnical studies, leach pad design, hydrogeological studies and metallurgical testwork programmes.
The BFS is scheduled for completion in Q2, 2009.
Albidon plc was established in April 2000 and listed on both AIM and ASX stock exchanges in March 2004. The Board and management have a diversity of skills in exploration, mining, metallurgy, concentrate marketing, logistics and project finance in Africa and elsewhere.
The Company’s main focus on East Africa is based on the assessment that this region holds the potential to be one of the world’s premier nickel mining districts. Albidon’s development activities have been centred on the Munali Nickel Project, in Zambia, where the Company completed a positive Bankable Feasibility Study in July 2006. Exploration drilling is ongoing, with the aim of expanding the nickel resource base in the Munali district.
The Company strongly believes the east and southern African projects have potential for discovery of substantial nickel sulphide deposits, and further that they represent a regional exploration opportunity in a relatively unexplored terrain.