A-Cap Resources Feasibility Study Update
13 8월 2009 - 7:55PM
UK Regulatory
TIDMPRL
RNS Number : 3978X
Polo Resources Limited
13 August 2009
13 August 2009
Polo Resources Limited
("Polo Resources")
Letlhakane Uranium Project - Bankable Feasibility Study Update
Polo Resources (PRL), the AIM listed mining company with uranium and coal
interests in Africa, Australia, Europe and Asia, is pleased to provide the
following update released by A-Cap Resources Ltd ("A-Cap" or "the Company"), in
which Polo Resources holds a 19.9% interest.
Neil Herbert, Managing Director of Polo Resources, said: "The Bankable
Feasibility Study on the Letlhakane Uranium Project in Botswana is progressing
apace with the full programme due to complete during the third quarter of 2010.
The project was already subject to a successful scoping study by SRK in 2008
with an Inferred Mineral Resource containing 280 Mt of Ore at a grade of 158 ppm
U3O8 for 44,500 tonnes of U3O8 (based on a 100ppm cut-off) and a project
designed to exploit the oxide and calcrete portions of that resource with
projected cash costs of $US34/lb U3O8. The A$1.7 million drill programme
currently underway has the potential to significantly increase size and average
grade of the mineral resource and we look forward to the results during the
fourth quarter of this year."
Highlights
* Test pits show excellent continuity of Calcrete Mineralisation
* First phase of Serule West extension drilling complete
* Resource Infill drilling at Gorgon North complete
* Calcrete hollow stem auger drilling commences
* BFS kick-off meeting complete
* BFS initial site visit underway.
Summary
A-Cap has recently committed to a Bankable Feasibility Study (BFS) managed by
Lycopodium on the Letlhakane Uranium Project. As part of this program extensive
exploration and resource infill programs have been planned and are now underway.
This drilling will provide additional data to be used in the planned Resource
upgrade which is scheduled for the 4th quarter 2009.
In another exciting development, a large scale trenching program with trenches
up to 12m deep, has been completed on the Mokobaesi prospect to provide
additional material for metallurgical testwork. Initial mapping of the pits
shows spectacular development of both calcrete and mudstone-hosted uranium
mineralisation.
Additionally A-Cap has commenced a new drilling technique which will provide a
high quality sample of the shallow calcrete and mudstone mineralisation at the
Mokobaesi prospect. This technique, which is known as Hollow Stem Auger
Drilling, achieves excellent recoveries in deeply weathered mineralised zones
which are close to the surface and difficult to sample using Reverse Circulation
hammer drilling.
The Board of A-Cap is excited about the commencement of both the BFS and the
ongoing exploration work that has been planned. The Board believes this
exploration will significantly increase the global resource base of the
Letlhakane Uranium Project.
Large scale trenching for Metallurgical sampling
As part of the metallurgical sampling required for the commencement of the BFS,
A-Cap has excavated four trenches across the Mokobaesi prospect to collect bulk
samples. This has allowed A-Cap geologists to observe the geology on an outcrop
scale for first time. It has also exposed abundant occurrences of carnotite
mineralisation in the trench walls. Collection of several tonnes of bulk sample
material will be collected over the coming weeks and dispatched for testwork.
Serule West Extension Drilling
A short program of Reverse Circulation (RC) percussion drilling has been
completed on the eastern end of the Serule West Prospect to test intersections
encountered in previous exploration. A total of 29 holes for 874m of drilling
have been completed and initial down-hole radiometric probe results are
encouraging, significant results are shown in table 1.
+---------------+------------+----------------------------+--------------------------+
| HOLE ID | FROM (m) | Width and Grade Eu308PPM | Grade Thickness (ppm.m) |
+---------------+------------+----------------------------+--------------------------+
| SERC0303 | 12 | 4.6m @ 380 | 1748 |
+---------------+------------+----------------------------+--------------------------+
| SERC0307 | 23 | 10.7m @ 553 | 5889 |
+---------------+------------+----------------------------+--------------------------+
| SERC0328 | 13 | 2.1m @ 124 | 260 |
+---------------+------------+----------------------------+--------------------------+
| also | 16 | 1.6m @ 103 | 165 |
+---------------+------------+----------------------------+--------------------------+
| also | 20 | 2.7m @ 220 | 594 |
+---------------+------------+----------------------------+--------------------------+
| also | 27 | 5.3m @ 160 | 848 |
+---------------+------------+----------------------------+--------------------------+
Table 1 Significant results from Serule West Exploration Drilling, results are
based on downhole radiometric probing and uranium grades are expressed as
equivalent uranium oxide - eU3O8. All data is appended at the end of the
release.
Results of Gorgon Resource Infill Drilling
The final phase of resource infill drilling for the Gorgon area, in preparation
for the BFS, has also been completed. The total drill program for Gorgan was 134
holes for 4086m of RC hammer drilling. A map showing the collar locations of the
new drilling is presented in Figure 2. Results from this program have previously
been reported to the market however a selection of significant intercepts is
also repeated below.
+---------------+--------+--------------------------------+------------------------+
| Hole Number | Depth | Thickness and grade PPM eU308 | Grade thickness |
| | | | (ppm.m) |
+---------------+--------+--------------------------------+------------------------+
| MOKR1503 | 21 | 3.6m @ 268 | 964 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1507 | 27 | 4.5m @ 252 | 1134 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1508 | 21 | 2.8m @ 336 | 940 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1516 | 22 | 3.9 m @ 539 | 2102 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1538 | 18 | 9.2m @ 200 | 1840 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1539 | 22 | 2.3m @ 314 | 722 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1547 | 10 | 8.4m @ 302 | 2536 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1549 | 20 | 6.8m @ 344 | 2339 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1550 | 32 | 5.6m @ 208 | 1164 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1551 | 36 | 5.9m @ 240 | 1416 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1552 | 33 | 6.8m @ 143 | 972 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1565 | 36 | 3.6m @ 461 | 1659 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1569 | 43 | 4.7m @ 219 | 1029 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1570 | 34 | 5.7m @ 223 | 1271 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1572 | 25 | 5.8m @ 353 | 2047 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1575 | 14 | 5.1m @ 434 | 2213 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1586 | 12 | 4.9m @ 612 | 2998 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1586 | 22 | 2.5m @ 511 | 1277 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1592 | 14 | 3.4m @ 266 | 904 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1598 | 23 | 5.8m @ 493 | 2859 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1611 | 14 | 7.5m @ 271 | 2032 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1612 | 17 | 4.8m @ 288 | 1382 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1618 | 42 | 5.1m @ 525 | 2677 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1621 | 27 | 16.8m @ 230 | 3864 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1621 | 49 | 4.7m @ 253 | 1189 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1626 | 20 | 5.1m @ 235 | 1198 |
+---------------+--------+--------------------------------+------------------------+
| MOKR1628 | 32 | 3.5m @1343 | 4700 |
+---------------+--------+--------------------------------+------------------------+
Table 2 Significant results from North Gorgon Resource Infill Drilling, results
are based on downhole radiometric probing and uranium grades are expressed as
equivalent uranium oxide - eU3O8. All these results have been previously
released in the June quarterly report
Commencement of Hollow Stem Auger Drilling at Mokobaesi
A new drilling technique, Hollow Stem Auger (HSA) drilling has commenced over
the Mokobaesi calcrete portion of the deposit. This drilling technique collects
a continuous core section without the use of high pressure air or drilling muds
which may cause a sample bias in the near surface environment where RC sample
recoveries have been poor. Initial indications are that this drilling method
will be successful at collecting a high quality sample with excellent recovery
from the near surface calcretes and mudstones at Mokobaesi. A-Cap technical
staff have long felt that the current calcrete Inferred Resource underestimates
the grade of the near surface mineralisation due to the combined effects of
Uranium disequilibrium and poor sample recoveries from the top few meters of the
RC drilling.
BFS Progress
A planning meeting held in Perth and an initial site meeting in Botswana have
both been completed. The main issues resolved during these meetings were the
appropriate techniques for sample selection and collection for the metallurgical
testwork programs. A review of the geological and assay data was conducted and a
cut off date for drilling and sampling data for the Resource update was decided.
Upcoming Exploration
Immediately upon completion of the planned metallurgical testwork drilling,
A-Cap's exploration focus will return to testing for extensions of known
mineralisation in the South Gorgon and Serule West prospect areas. In both cases
the exploration teams will be following up high grade intercepts encountered in
previous drilling.
A-Cap expects to have two rigs onsite for the bulk of the 2009 field season
which will end in December with the onset of the wet season.
Drilling and Sampling Details
All drillholes were radiometrically logged with an A675 -slimline gamma ray
probe. The probe has been calibrated at the Pelindaba Calibration facility in
South Africa and calibration certification has been provided by Geotron Systems
Pty Ltd, a geophysical consultancy based in South Africa. All results reported
in this release are derived from downhole radiometric logging. Consequently
issues pertaining to possible disequilibrium and uranium mobility should be
taken into account when assessing these results. Mineralised intervals logged by
radiometric probe are collected and sent for assay at Set Point laboratories in
Johannesburg.
All Significant Serule West Drill Results
Table 3. All significant intercepts from Serule Extension Drilling. Results are
based on downhole radiometric probing and are therefore reported as equivalent
U3O8. Holes were drilled on NS grid lines and with a 200m spacing.
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| HOLEID | HOLE DEPTH | EAST | NORTH | FROM | WIDTH m | Grade PPM | GT ppm.m |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0303 | 21 | 528200 |7575800 | 12 | 5.0 | 380 | 1748 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 19 | 1.0 | 187 | 252 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0304 | 33 | 528200 |7575600 | 14 | 2.0 | 140 | 231 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 25 | 2.0 | 122 | 256 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0305 | 25 | 528200 |7575400 | 12 | 2.0 | 125 | 194 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0306 | 40 | 528200 |7575400 | 16 | 8.0 | 169 | 1335 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0307 | 39 | 528200 |7575001 | 23 | 11.0 | 553 | 5889 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0308 | 45 | 528200 |7574800 | 20 | 1.0 | 112 | 146 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 38 | 3.0 | 214 | 578 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0309 | 47 | 528200 |7574600 | 23 | 2.0 | 195 | 293 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 39 | 3.0 | 195 | 526 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0314 | 22 | 528600 |7575800 | 4 | 2.5 | 103 | 258 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0318 | 45 | 528600 |7575000 | 27 | 3.1 | 136 | 422 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0319 | 47 | 528600 |7574800 | 41 | 1.6 | 140 | 224 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0320 | 47 | 528600 |7574600 | 19 | 5.6 | 125 | 694 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 32 | 1.8 | 137 | 247 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0321 | 47 | 528600 |7574400 | 23 | 1.1 | 103 | 108 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 26 | 5.0 | 163 | 807 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 42 | 1.9 | 103 | 196 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0322 | 50 | 528600 |7574200 | 27 | 3.1 | 190 | 580 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 31 | 1.9 | 190 | 352 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 35 | 2.3 | 191 | 439 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 46 | 2.1 | 128 | 269 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0323 | 45 | 528600 |7574000 | 34 | 5.6 | 177 | 982 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0324 | 45 | 528600 |7573800 | 30 | 1.5 | 190 | 285 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0325 | 45 | 528900 |7575000 | 36 | 2.7 | 149 | 395 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0326 | 45 | 528900 |7574800 | 23 | 3.4 | 176 | 590 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 31 | 2.7 | 166 | 440 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 38 | 2.4 | 103 | 247 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0328 | 47 | 528900 |7574400 | 13 | 2.1 | 124 | 260 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 20 | 2.7 | 220 | 594 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 27 | 5.3 | 160 | 848 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0329 | 47 | 528900 |7574200 | 26 | 3.4 | 112 | 381 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 45 | 1.1 | 110 | 116 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0330 | 47 | 528900 |7574000 | 24 | 2.4 | 211 | 506 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 29 | 1.2 | 173 | 208 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
| also | | | | 34 | 2.3 | 167 | 384 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
|SERC0331 | 45 | 528900 |7573800 | 31 | 4.9 | 115 | 564 |
+----------+--------------+---------+---------+-------+----------+-------------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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