Kalahari Minerals
Kalahari is a dynamic emerging exploration company with a portfolio of copper, base metal and uranium interests in Namibia. Listed on AIM it was one of only five mining stocks to finish 2008 demonstrating a gain in its share price and is actively sought out by major mining players including Rio Tinto. Its key investment is its current 40% holding in ASX and TSX listed Extract Resources.
Kalahari Minerals says resource estimate for Rossing South uranium project ‘ highly conservative’ after new Extract update
Kalahari Minerals PLC (AIM: KAH) said a further exploration update issued by Extract Resources Ltd (TSX, ASX: EXT) for the Rossing South uranium deposit at the Husab project in Namibia reinforces its belief that the estimated resource figure of 500 million pounds triuranium octoxide (U3O8) for the project is highly conservative.
Kalahari’s subsidiary Kalahari Uranium Ltd holds a 40.44 percent stake in Extract.
“The continuity being confirmed by the in-fill drilling at Zones 1 and 2 is advancing the resource to Measured and Indicated status which is obviously crucial for the bankable feasibility study,” Kalahari chairman Mark Hohnen said.
Importantly all zones of uranium mineralisation are still open at depth and along strike, in at least one direction. “Additionally at the Salem prospect, located approximately 10 kilometres south of Rossing South Zone 2, every hole drilled intersected multiple zones of anomalous uranium mineralisation from shallow depths, which again highlights the huge potential of the ever expanding Husab Project,” Hohnen added.
Kalahari reproduced Extract’s statement issued in Australia in which it announced it will complete a programme of radon emanometry over the next two months to further quantify the enormous potential of Rossing South. RadonX technology has been shown to be effective in the Rossing South environment. This survey is expected to commence this month and be completed in early 2010. The results will be evaluated in the first quarter of 2010. Following this review priority targets will be defined for drill testing, with additional rigs sourced to test the new targets, Extract said.
The main targets remain the bulk tonnage primary, granite hosted uranium deposits, but potential also exists for the definition of surficial (secondary) channel hosted mineralisation.
Additional geological personnel and drill rigs are being sourced to accelerate exploration efforts. Another large capacity RC rig has been booked to arrive on site after the Christmas break in January 2010.
Chemical assay results not previously reported from recent drilling at Rossing South include, at Zone 1, hole RDD078 returning 31 metres at 1,578 parts per million U308, hole RRC461 finding 70 metres at 741 ppm U308 and hole RRC504 encountering 37 metres at 1,247 ppm.
At Zone 2, drill hole RDD059 struck 3,028 ppm over 18 metres, RDD075 found 46 metres at 934 ppm and 63 metres at 924 ppm.
At the Salem prospect 10 kilometres south of Zone 2, first pass reverse circulation drilling of 14 holes for 3,955 metres has been completed, and every hole intersected multiple zones of anomalous uranium mineralisation from shallow depths. Unlike Rossing South, uranium mineralization at Salem outcrops at surface, and drilling indicates that the system remains open to the north and south, and at depth.
This style of mineralisation and structural setting is not evident from magnetic data in the same way as Rossing South and Ida Dome. Potential exists for concealed, Salem type uranium mineralisation further north under the Rossing South gravel plain. RadonX will help explore for these targets, as well as the more typical Rossing South style of occurrence, Extract said.
The Rossing South feasibility study is on track for completion by mid-2010. At present, the deposit has an indicated resource of 24 million pounds U3O8, an inferred resource of 243 million pounds U3O8 and a 185-285 million pounds exploration target, all at a 100 parts per million U3O8 cut-off.
Exploration drilling to date at Rossing South has been completed over 8 kilometres of a 15 kilometre long target of covered (but potentially uranium bearing) stratigraphy between the licence boundary and the northern termination of the Ida Dome. Continued exploration and resource definition drilling between Salem and Zone 1 is a priority for Extract, it said.
Infill drilling at Rossing South is currently focused on Zone 1 and Zone 2 to upgrade the resource status with the aim of defining reserves for the ongoing feasibility study.
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Other Kalahari Minerals articles
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05/10/09 Kalahari Minerals Sells Namibia Projects to North River Resources for 43% stake
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01/09/09 Kalahari Minerals says Extract’s Rossing South likely to hold third mineralised zone
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22/07/09 Kalahari Minerals reports forecast-busting maiden resource for Rossing South Zone 2 ahead of schedule
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02/07/09 Kalahari Minerals reports 34% increase in uranium resource at Rossing South
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29/05/09 Stephen Dattels appears on Kalahari Minerals register through Regent Pacific Group
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20/03/09 Kalahari Minerals' Mark Hohnen Speaks to Proactiveinvestors
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15/12/08 Kalahari Minerals investment in Extract Resources could deliver a big pay day
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19/11/08 Kalahari Minerals calls off merger with Extract Resources on Rio Tinto concerns
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11/11/08 Rossing South continues to return wide, high grade zones of uranium for Kalahari Minerals and Extract Resources
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05/09/08 Kalahari Minerals and Extract Resources agree to merge
Other Kalahari Minerals news
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03/02/10 Ambrian Capital says Kalahari affilate Extract Resources has FTSE100 potential, maintains 'buy' stance
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01/02/10 Kalahari Minerals calls NWT proposal to issue Extract Resources stake to shareholders value destructive
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28/01/10 Kalahari Minerals lodges document for Coronet Resources takeover
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27/01/10 Mark Hohnen, Executive Chairman of Kalahari Minerals, talks about the world class Rossing South uranium deposit
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11/01/10 Kalahari Minerals reports further high grade drill results from Extract's Rossing South uranium project
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17/12/09 Kalahari looks to reclaim 7.65% stake with Coronet Resources takeover bid
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08/12/09 Kalahari Minerals reports high grade results from Rossing South uranium project, to accelerate exploration with more rigs
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17/11/09 Kalahari Minerals says will assess any proposal to help Extract bring Rossing South uranium project to production
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10/11/09 Kalahari Minerals tops up position in uranium play Extract Resources
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26/10/09 Kalahari Minerals says Extract raises exploration targets for Rossing South uranium project in Namibia
