October 27, 2009

Rossing South Uranium Deposit Heading For Over 500 Million Lbs


Australia's Extract Resources, in which Kalahari Minerals owns around 40%, has said that its exploration target for its massive Rossing South discovery is for an extra 185-285 million lbs U3O8 which would bring total resource to more than 500 million lbs.

Photo of Rio's Rossing Uranium Pit

Kalahari Minerals PLC (AIM: KAH) said Extract Resources Ltd (TSX, ASX: EXT), in which it holds 40.88 percent, has increased the exploration target for its Rossing South uranium deposit at the Husab project in Namibia to between 185 and 285 million additional pounds of U3O8.

Kalahari cited an Extract statement that gave the exploration target for areas of the Rossing South project not included in its current resource estimates. Earlier this month, Extract said it found a new high grade zone at Rossing South.

Extract said the Rossing South project at present has an indicated resource of 24 million pounds U3O8, an inferred resource of 243 million pounds U3O8 and the above mentioned 185-285 million pounds exploration target, all at a 100 parts per million U3O8 cut-off.

Exploration drilling to date at Rossing South has been completed over 8 kilometres of a 15 kilometre long target of covered (but potentially uranium bearing) stratigraphy between the licence boundary and the northern termination of the Ida Dome. Continued exploration and resource definition drilling between Salem and Zone 1 is a priority for Extract, it said.

Infill drilling at Rossing South is currently focused on Zone 1 and Zone 2 to upgrade the resource status with the aim of defining reserves for the ongoing feasibility study. Exploration drilling is also continuing south of Zone 2.

Extract has 11 drill rigs currently operating on site. Additional rigs will be sourced over the coming months to accelerate drilling progress. However, given the massive size of the mineralised system defined thus far, exploration efforts are expected to continue for some time, it said.

The estimate for the total resource stands in excess of 500 million pounds U3O8.


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