Melbourne, Aug 11, 2008 AEST (ABN Newswire) - During July Reverse Circulation (RC) percussion drilling by A-Cap Resources Limited (ASX:ACB) has continued at the Serule prospect with exciting results further confirming the potential for the scope of the Letlhakane project to continue its extraordinary growth beyond the recently released Inferred Resource comprising 280 Million tonnes at a grade of 158ppm U3O8 for 98 million pounds of U3O8.
Drilling at the project has been undertaken on two fronts with reconnaissance drilling at Serule on a 200 X 200m grid and selective diamond drilling within the Letlhakane Resource area to collect extra samples for assay to improve confidence in the Resource.
The Directors of A-Cap remain committed to fast-tracking the project towards production and eagerly await the results of SRK's scoping study which will examine the economic viability of the Resource.
Highlights from New Drilling At Serule (all results as e U3O8 ppm)
SERC00210 2.8m @ 318 ppm and 1.6m @ 1938 ppmSERC00236 2.2m @ 1443 ppmSERC00215 11.4m @ 775 ppm SERC00207 5.4m @ 335 ppm SERC00221 3.6m @ 565 ppm SERC00212 6.7m @ 378 ppm SERC00243 3.7m @ 463 ppm and 2m @ 513ppm
The continuation of the Serule mineralisation well outside the current Inferred Resource area supports the possibility of further growth in the resource base as drilling continues.
Highlights from Resource Drilling at Gorgon and MokobaesiGODD0008 3.0m @ 643ppmGODD0009 3.0m @ 679ppm and 4.3m @ 299ppmMOKD0022 6.2m @ 195ppm and 3.0m @ 404ppmMOKD0027 3.1m @ 482ppm
All results above are within 30m of surface in the oxidised portion of the deposit
DETAILS OF SERULE DRILLING
Geology
Uranium mineralisation so far encountered at Serule is associated with fine-grained sandstones of the Karoo Supergroup. Mineralisation sits within the sandstones and is often closely associated with the basal unconformity between the Karoo Supergroup and the underlying gniess of Proterozoic age. A total of 45 holes RC for 2389m have been completed since the previous release of drilling results.
FUTURE EXPLORATION ACROSS THE PROJECT AREA
Reconnaissance exploration will continue to explore for higher-grade, near-surface oxide targets across the Letlhakane Project. The current program of exploration at Serule is scheduled to continue for the next four weeks. Resource definition drilling at a spacing of 100 X 100m for areas of Gorgon, Mokobaesi and Kraken is planned but is yet to commence. Diamond drilling for the purpose of further metallurgical test work has commenced.
DETAILS OF RESOURCE DIAMOND DRILLING
A total of 13 diamond drill holes for 420m have been completed across the Mokobaesi and Gorgon prospects to collect additional sample material in preparation for future resource upgrades. This work focuses on the shallowest parts of the mineralised system. Maximum hole depth was 65m however the drilling was predominantly designed to collect samples from the oxidised potion of the deposit for comparison between chemical assay of samples from RC and diamond drilling when compared to down hole probe U3O8 grades.
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 interpreting them. Mineralised intervals logged by radiometric probe are collected and sent for assay at Set Point laboratories in Johannesburg.
SCOPING STUDY
The scoping study on the Letlhakane project is reaching its conclusion and results including preliminary metallurgy and financial modelling should be available to the markets within the 3rd quarter 2008.
NOTE:
Information in this report that relates to exploration results is based on information complied by Dr Andrew Tunks who is a member of the Australian Institute of Geoscientists. Dr Tunks is a fulltime employee of the Company. Dr Tunks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves." Dr Tunks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
About A-Cap Resources Limited
A-Cap holds six prospecting licences covering a total area of over 4,400km2 and three licences under application covering a further 3,000km2. All of the ground held by A-Cap has been previously explored by major companies such as Falconbridge, BCL, Urangesellchaft and Union. All of A-Cap’s tenements have significant radiometric anomalies and indications of Uranium mineralisation exposed at surface. Significant discoveries have been made at the Letlhakane Project resulting in an Inferred Resource of 30 Million lb Uranium (at an 80ppm cut-off) that has been defined in accordance with the JORC code.
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