11 November 2009
BSE-listed emerging uranium explorer, A-Cap Resources, has reported encouraging assay results from recently completed Hollow Auger (HA) drilling at its Mokobaesi Prospect near Serule.
In a statement on Tuesday, the company said results showed a 47-percent higher grade than the previous factored radiometric probe grades.Also, the interpreted secondary ore zone at Mokobaesi was 17 percent higher than the factored probe grades.
The new assay data from the HA drilling indicating the application of an 0.85 factoring of grades is no longer justified and it is anticipated there will be a rise in the estimated uranium grades for the Mokobaesi portion of the deposit when the resource is updated.
The company recently started using the Hollow Auger drilling and sampling technique - a drilling method that provides an excellent sample from shallow depths of less than 10 metres where sample loss can be an issue.Within the entire Mokobaesi Prospect, the HA assays are on average 10 percent higher than the previously reported assays from Reverse Circulation (RC) and 25 percent higher than predicted by downhole radiometric probing of the RC holes and 47 percent higher than the factored downhole probe grades.
Last month, a scoping study indicated that Letlhakane has an inferred resource of 280 million tonnes grading 160 parts per million for 98 million pounds of uranium. The scoping study put recovery rates at 78 to 90 percent.At the Mokobaesi Prospect, A-Cap has now collected enough assay data from both RC and HA drilling to rely only on assay data in the upcoming resource estimate.
The HA assays will be used in the new resource estimate currently being generated by Optiro as part of the ongoing Bankable Feasibility Study (BFS). It is expected that the updated resource statement will be released to the market at the end of 2009.
The HA programme was initiated by A-Cap after bulk samples collected from trenching across the Mokobaesi Prospect consistently returned higher grades than expected from the 2008 Inferred Resource.
In a statement, Managing Director Andrew Tunks said the company was confident the higher uranium grades found in the HA drilling would be reflected in the upcoming resource estimate.
"Any increase in the grade of the secondary mineralisation is potentially very significant for the economics of the Letlhakane Uranium Project as this mineralisation is close to the surface, has good metallurgical recovery and will potentially be the starting point for any mining operation," Tunks said.
"The upgraded resource will be combined with the results from the current round of metallurgical testwork to provide an updated mining plan on the secondary and oxide mineralisation which will form the basis of the BFS.
"A-Cap has recently committed to a further programme of metallurgical testwork on the primary ore and these results will be incorporated into the planning at a later stage."
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