The core recovered so far shows that the banding and boundaries are at low angles to the core axis consistent with a shallow westerly dip; further, the hole has already intersected alaskite containing uranium mineralisation. The mineralisation discovered to date at Zones 1 and 2 lies predominantly on the eastern limb of the Rossing South antiform.
The broad zones of strong uranium mineralisation from Rossing South continues to increase the known size of this massive mineralised system. The expanded drilling programme has 10 drilling rigs currently on location, five diamond rigs and five RC.
Steve Galloway, Extract Resources chairman said “As we continue infill drilling on Zone 1 as part of our programme to get our resource base into measured and indicated category, our exploration programme is extending the known mineralisation further south along the 15km strike length. Recent magnetic images showed the potential for the mineralised zone to divide into an antiform with both western and eastern limbs. These recent drilling results and chemical assays are spectacular and confirm that a new, high grade, zone has been discovered on the western limb of this antiform.”
“The Company intends to add further value to the project through ongoing exploration and resource definition drilling aimed at defining the full potential of the project. As stated recently, we believe a total resource of 500 Mlbs is achievable from targets already defined. The Company is now well advanced with the Rossing South Feasibility Study on Zones 1 and 2 and the project is shaping up to be one of the world’s largest uranium mines, capable of producing 15 Mlbs of U3O8 per year.”
Rossing South Exploration Update
New Zone
As previously reported, a RC rig was completing a line of drilling south of the Zone 2 line. This drilling was aimed at following up on a zone of strongly anomalous uranium mineralisation defined by reconnaissance exploration drilling, a further 400 metres to the south.
Some exceptional results have been returned, as indicated by chemical assay of the drill samples, with multiple mineralised zones intersected. Results returned thus far, include: 55m at 1474ppm and 53m @ 1616ppm. These high grade intersections were returned from pegmatitic leucogranites (alaskite) with abundant smoky quartz and clumpy biotite.
It was necessary to position a diamond rig to determine the stratigraphic orientation and dip of the intersections. This delayed the release of the chemical assay results as the company could not be confident that the results were accurate given the lack of geological knowledge in the exploration zone. The recovered core shows that the banding and boundaries are at low angles to the core axis consistent with a shallow westerly dip. Accordingly, the intercepts are likely to be 65% to 75% of true thickness.
General Exploration
Extensive exploration potential still remains to be tested throughout the Husab Project with priority given to Rossing South. The recently acquired helimag data captured on a 50 metre line spacing reiterates the exploration potential at Rossing South concealed by the Namib Desert. Uranium mineralisation defined at Rossing South thus far has been intersected mainly in the east limb of the Rossing South antiform (Figure 2). With the discovery of the mineralised zone in the west limb position, there will be further exploration along strike to the south and in the true Rossing position located about 2 km further west.
Two RC rigs and one diamond rig are engaged in drilling exploration holes south of Zone 2. The geological sequences observed at Zones 2 and 3 are remarkably similar to each other.
Resource Definition Update
Seven rigs are dedicated to resource drilling at Rossing South. Two RC rigs at Zone 1 and one RC rig at Zone 2 are drilling infill holes on 50m spaced sections, to increase the level of confidence in the material currently classified as Inferred. Two diamond rigs are drilling resource extension and definition holes at Zone 2. Two further diamond rigs are drilling six holes at Zone 2 for geotechnical purposes.
Chemical assay results and handheld spectrometer readings from Zone 1 and Zone 2 continue to confirm the presence of broad, high grade alaskite-hosted uranium mineralisation. Further drilling at Zone 1 and Zone 2 in the coming months is expected to extend the known dimensions of mineralisation. Infill drilling is expected to increase the level of confidence in the known mineralisation.
Two RC and one diamond rig are currently undertaking exploration drilling south of Zone 2. Additional rigs are periodically on site for short periods involved in civil geotechnical and hydrogeological investigation for the PFS.
