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High grade rock samples at Chisebuka

  Rock chip geochemical sampling by Albidon Ltd’s joint venture partner African Energy Resources (AFR) has confirmed the presence of locally high grade uranium mineralisation in outcrop at the Chisebuka Prospect.A program of rock-chip sampling was completed along six widely spaced traverses which cross a ground radiometric anomaly outlined during uranium exploration by a major energy company in the late 1970’s.Rock-chip samples were collected at approximately 50m spacings along these traverses. Assay results have indicated that eleven of the forty-six samples collected contain greater than 100 ppm U3O8, with four samples containing over 1,000 ppm U3O8 (0.1% U3O8). The maximum value is 4,823 ppm U3O8 (0.48% U3O8), the highest value recorded to date in Albidon’s project portfolio. All of the eleven samples with greater than 100 ppm U3O8 are coarse-grained gritty sandstones which are interpreted to be part of the Karoo-aged Escarpment Grit Formation. This is the geological unit that contains the Inferred Resource at the company’s Njame uranium deposit, some 75km along strike to the east. Reconnaissance drill testing of the Chisebuka Prospect on a nominal 400m x 100m grid will commence in September, once the drill rig has completed an extensional drilling program at the Njame deposit. All drill site preparation and access tracks have been completed.African Energy is currently focussed on extensional drilling along strike and down dip from the Njame North resource in the Chirundu Joint Venture, with the goal of increasing the size of the currently defined Inferred Resource (5.5 Mt at 400 ppm U3O8). On completion of this drilling program, the drill rig will commence the program at Chisebuka.The Chisebuka uranium mineralisation is located approximately 120km south-west of Lusaka, the capital of Zambia, and forms part of the Kariba Valley Joint Venture Project. Albidon is the owner of the JV tenements and African Energy may earn a 30% equity interest in the Kariba Valley Project by completing expenditure of $1 million on the Project, and can increase this to 70% equity interest by completing a pre-feasibility study on an Indicated Resource.

28 Tuesday August 2007  11:16

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