Kalahari Minerals plc (KAH)- Significant Results
Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of copper and base metal prospects in Namibia, is pleased to provide an update released by Extract Resources Ltd, in which Kalahari’s subsidiary, Kalahari Uranium Limited, holds a 39.59% interest.
Kalahari Chairman Mark Hohnen said, “Extract continues to report fantastic results across its Husab Uranium Project which underpins the world class nature of the prospect. At Ida Dome, the newly published assays suggest that the resource will greatly exceed the previously published 25.1 million pounds of U3O8. At Rossing South Zone 2, the results seem to confirm that the resource statement that Extract has targeted to be available by the end of August, will be at the higher end of its estimate of circa 105 million pounds of U3O8. This is in addition to the initial resource estimate for Rossing South Zone 1 of 108 million lbs of U3O8 published on 27th January 2009. With these results and the published resource statements for all the target zones, we remain highly confident of the potential of Husab and it being defined as one of the world’s largest uranium prospects.”
Highlights:
ROSSING SOUTH – Zone 2
• Chemical assay results confirm massive mineralised system with multiple zones of high grade uranium mineralisation, including 78m @ 651 ppm U3O8
• Uranium mineralisation defined over a strike length of two kilometres, also open along-strike and down-dip
IDA DOME
• Chemical assay results continue to confirm high grade uraniferous leucogranites, including 6m at 17,135 ppm (1.71%) U3O8
• All prospects open along strike and down dip with significant potential to expand the current resource base
Extract Resources today announced that, in addition to the recently completed Rossing South Zone 1 resource estimate of 108 m. lbs of U3O8 at a grade of 430 ppm (ASX release 27 January 2008), a backlog of assay results from Rossing South Zone 2 and Ida Dome have returned some outstanding intersections.
The Husab Uranium project is strategically located in the centre of the globally significant Namibian alaskite uranium province and still remains largely unexplored. Future exploration work will follow up on this potential targeting known exposed uraniferous alaskites and concealed targets.
Rossing South – Zone 2
At the same stage of exploration, Zone 2 has returned similar widths and grades of uranium mineralisation to Zone 1.
Once sufficient drilling has been completed the maiden Zone 2 resource will begin to quantify the enormous potential of this prospect; this is scheduled for August 2009. Highlights from recently received drilling results are shown in the following table with a complete list of drill hole intersections shown in Appendix 2.
Zone 2 has been defined over a strike length of 2.0 kilometres and is open along strike and down dip. Resource definition drilling on 100 x 100 metre spacing is in progress.
Ida Dome
The Ida Dome prospects have returned significant zones of uranium mineralisation.
Given the outstanding exploration success at Rossing South, further exploration drilling has been reprioritized; however, outstanding drilling results have been returned from all prospects drilled, with some of the recent results from Holland’s Dome highlighting the potential of this area.
Results such as 6m @ 1.71% (17,135 ppm) U3O8 from 81 metres, within a zone of altered alaskite, illustrate the quality of the Ida Dome prospects.
Ida Dome presently contains a large uranium endowment (ASX release 7 August 2008) with resources of 25.1 M lbs U3O8 defined.
Future drilling is expected to significantly increase the resource base with all prospects drilled still open along strike and at depth. Potential exists for Ida Dome to support a stand alone mining operation or become a satellite operation to Rossing South. All options for this area are under consideration.