African Energy Discovers Additional Uranium Anomalies At Namakande Prospect In Zambia

Published: 04-Nov-2009

African Energy Resources Limited (African Energy) has completed the field evaluation of key target areas in the Namakande prospect in southern Zambia. The sampling has confirmed a further three significant uranium anomalies, Target Areas D, E and F, which increase the cumulative strike length at Namakande to in excess of 20km. Assays within Target Area D has identified mineralised outcrop which contains up to 2,950 ppm eU3O8.

Reverse circulation percussion drill testing of these areas will commence in early November 2009.

Drill testing of the Namakande targets is part of a larger programme of drilling designed to increase the resource base in the Chirundu JV and Kariba Valley JV projects, funded from the recently completed AUD $4 million capital raising.

Each anomaly is associated with gritty sandstones in contact with siltstones, similar to positions which host the uranium mineralisation at the company’s Njame deposit. Systematic assays of rocks exposed at surface within

the uranium anomalies have identified a number of mineralised samples, with peak values of up to 2,950 ppm eU3O8 (0.29%).

These surveys confirm and enhance the prospectivity of the uranium anomalies at Namakande, where six main anomalies have now been identified by soil sampling. Reverse circulation drill testing of the anomalies has commenced.

Geochemical Soil Sampling Programme

The Namakande prospect is located within the Kariba Valley joint venture project in southern Zambia, about 80km southwest of the company’s Njame uranium deposit . The prospect was identified from a historical ground radiometric survey completed by Italian petroleum company AGIP in the 1970’s. Subsequent follow-up by African Energy highlighted high-grade anomalous uranium responses over sedimentary rocks that are interpreted to be the same stratigraphic units as the mineralised sandstones and siltstones at Njame. A limited reverse circulation drilling programme completed in late 2007 confirmed the prospectivity of the area.

Field evaluation of the prospect commenced in late August 2009 and included geological mapping and an assessment of uranium content of the soils on a 400m x 25m grid pattern. The uranium content in soils was established at each grid point using a calibrated RS-125 spectrometer in assay mode. Initial results were very encouraging, and the sampling identified coherent anomalism at three main locations within Target Areas A, B and C as described by the company.

Ongoing sampling using the same techniques as described above have identified a further 3 significant soil anomalies described as Target Areas D, E and F. The largest anomaly measures about 1km in length and the total strike length of prospective stratigraphy at the prospect area is now in excess of 20km.

At Target Area D a series of soil anomalies have been defined, aligned along a particular stratigraphic horizon comprising sandstone and siltstone units with shallow dips to the southeast. The most prominent anomaly in the centre of the sample grid (Diagram 3) shows continuity over 600 metres and contains a number of high grade assays, up to 1,800 ppm eU3O8 (0.18%), recorded on outcropping sandstone units. The same rocks can be traced 1km to the southwest, where previous soil sampling recorded assays up to 154 ppm U3O8. Furthermore, the anomalous unit also extends 1.5km to the Target Area E is highlighted by a coherent anomaly over about 2km of strike and trends southwest - northeast. The mineralisation associated with this anomaly outcrops on the face of an interpreted fault scarp and locally shows high grade assays up to 304 ppm eU3O8.

Target Area F is located approximately 1km to the southeast of Target Area E and contains another mineralised horizon characterised in the field by outcropping, shallowly dipping sandstone terraces topped by fine sandstone or siltstone units. The mineralised units strike parallel to the units identified at Target Area E but are interpreted to be higher in the stratigraphic package and not an uplifted fault repetition. The best anomalism was identified on the northeast corner of the sampling grid, coincident with outcropping sandstone units that returned assays of up to 274 ppm eU3O8.

Forward Exploration Programme

The field evaluation of the Namakande targets is part of a systematic programme of exploration which has commenced in the Chirundu JV and Kariba Valley JV in southern Zambia. A reverse circulation drilling programme to test the anomalies defined at the Namakande prospect is scheduled to commence in early November 2009.

Background To Project

The Kariba Valley joint venture project is the company’s second joint venture with Albidon Limited and contains the high-priority Chisebuka and Namakande prospects. The Kariba Valley joint venture project is approximately 250km from Lusaka by road, and occurs 50km to the south-west of Denison Mines’ tenement that contains the Dibwe and Mutanga uranium deposits. African Energy can earn up to a 70% interest in this project by completing a prefeasibility study and delivering an Indicated resource.

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