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Erongo Granites Uranium Project

Overview

The Company has a 90% interest in two granted tenements (EPLs 3453 and 3454) prospective for Uranium in the Damara Uranium province in Namibia. These tenements cover an area of approximately 312 square kms and lie directly north and south of the Erongo Complex.

The Company is targeting intrusive style granite-hosted uranium deposits. This type of deposit is associated with instrusive rocks including alsakite, granite, pegmatite and monzonites. Major world deposits include Rössing (Namibia) and Ilimaussaq (Greenland).

Location and access

 

The Erongo Complex is approximately 250km northwest of Windhoek, Namibia’s capital city, and 200km northeast of Swakopmund. Access from Windhoek is via 180km of bitumen road to the town of Usakos.

The granted licenses are accessed by a well maintained gravel road from Usakos.
The Company received environmental and access clearance to commence detailed field work on these licence areas in April 2007.

Historic exploration

                Historic and recent target areas on EPL 3454. Reduced tenement boundary shown as solid red line.

Exploration activities were undertaken by Goldfields and Falconbridge in the 1970s and early 1980s. No reported, systematic exploration has been undertaken on the project area since the early 1980s. Goldfields and Falconbridge identified a number of prospective areas with EPL 3454 including:

Area 1 - A total of 68 percussion holes and two diamond holes were drilled in Area 1 (16 by Falconbridge and 54 by Goldfields). Goldfields reported mineralisation in a broadly flat undulating zone 25m to 35m thick which could be traced through most of the holes.
A mineralogical investigation positively identified uraninite as the major primary uranium mineral and a metallurgical study concluded that no metallurgical problems existed.

Area 3 - Radon gas surveys (ROAC – Radon on Activated Charcoal) completed by Goldfields defined a 5,000m by 2,000m anomaly. A planned drilling programme was abandoned as the holes kept caving. The anomaly remains untested

Area 2 - Approximately 30 diamond holes were drilled in Area 2 by Falconbridge. Not all results are available although historic data suggests good mineralisation was intersected.

Current exploration programme and results

During 2007 and 2008 the Company completed detailed exploration work over a number of target areas within the project, including acquiring and reprocessing regional magnetic and radiometric data, reviewing historic information, field mapping, ground scintillometer surveys, Radon X surveys, rock chip sampling and RC drilling.

Significant results from drilling at the Area 1 Prospect include:

• 18m at 334 ppm U3O8 (including 5m at 648 ppm U3O8), from 2m to 20m.

• 13m at 302 ppm U3O8 (including 6m at 545 ppm U3O8), from 18m to 31m.

• 13m at 253 ppm U3O8 (including 7m at 344 ppm U308) from 26m to 39m.

• 30m at 223 ppm U3O8 (including 13m at 386 ppm U3O8), from 11m to 41m.

• 37m at 200 ppm U3O8 (including 12m at 287 ppm U3O8), from 20m to 57m.

Drilling to date by the Company at the Area 1 Prospect has confirmed a main zone of uranium mineralization over an area of 1,000 metres by 1,000 metres. The uranium mineralization includes an area of higher grade mineralisation covering 600 metres by 300 metres. The depth potential of the target has not been tested below 100m although significant mineralisation was intersected at this level. The main zone remains open in a number of directions, but results indicate a reduction in grade the further drill holes are sited from the higher grade mineralisation.

The Company believes the uranium mineralisation identified at the Area 1 Prospect combined with mineralisation identified at newly drilled target areas (including Area 2, 3, 3N, and 5) would be insufficient to support a standalone operation.

The Company is also of the opinion that the best potential for significant additional uranium resources on the project lie at depth at the Area 1 target area and in the relatively unexplored Area 3 target area. Due to high costs involved in carrying out this next phase of exploration the Company has been in discussions with various parties that have expressed an interest in farming-in to the project. Thses discussions are continuing.