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The uranium stocks are really tired. 3 minutes fame continues. After the ann. EXT was up more than 15%, now just about 4%.
EXT - Excite Technology Services
- Thread starter dwecke2000
- Start date
Those who may have followed my 1st trade (I lost) may deduce that that I lean towards buying break outs on a recent high and so am basically a price upward follower rather than a fundamentalist.
I am now reading up on fundamentals .. ie .. reading reports about what a company does, how much they owe , how many shares on issue ets..
EXT is in my watchlist as a buy @ 11.5c BUT having read the recent report there are alomost a Billion shares on issue (I think) and they have only enough money in the bank for one more qtr (again I think)
So my question is ... based on the amount of shares on issue and dwindling funds is this type of company worth buying.
Again I stress that I have just started out and dont quite understand how these things work.
Since there are only 25 companies in my watch list I follow price action carefully ... on the day before the (previous) annoncement came out I noticed a hefty increase from around 9c to 9.6 (from memory) and the next day when I read the release the price shot up to 11c on the day (I almost bought in) and now a few days later its back to 9c.
A real puzzler ?? ...
Rob
I am now reading up on fundamentals .. ie .. reading reports about what a company does, how much they owe , how many shares on issue ets..
EXT is in my watchlist as a buy @ 11.5c BUT having read the recent report there are alomost a Billion shares on issue (I think) and they have only enough money in the bank for one more qtr (again I think)
So my question is ... based on the amount of shares on issue and dwindling funds is this type of company worth buying.
Again I stress that I have just started out and dont quite understand how these things work.
Since there are only 25 companies in my watch list I follow price action carefully ... on the day before the (previous) annoncement came out I noticed a hefty increase from around 9c to 9.6 (from memory) and the next day when I read the release the price shot up to 11c on the day (I almost bought in) and now a few days later its back to 9c.
A real puzzler ?? ...
Rob
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loads of resistance on this stock. loads of shares. to far between drill results for me. surely their next placement will put them over 1 billion shares. thats quite a lot of dilution for an explorer.
i dont know what other people think, ill post up a chart soon on this one. BUT IMO the sp faces huge amounts of resistance.
i dont know what other people think, ill post up a chart soon on this one. BUT IMO the sp faces huge amounts of resistance.
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I think the next share placement will be done at the consolidation which will be one share for every 10. I wouldn't think there will be any significant gain in the share price until post consolidation. Once this occurs, provided the hype surrounding u308 continues, they will be worth a look. I don't think there is any rush to enter this stock.
Sean K
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DJ, 9 seems to be a bit of support at the moment. 11 is the biggest resistance on the way up IMO.dj_420 said:
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kennas said:
Kennas, a reverse split in this case 10 for 1 is bearish. No need to go here until this issue is resolved. There are lots of "clean" U stocks that are doing extremely well.
Sean K
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One thing that is prospective about the stock is some of grades they have produced. They are pretty good. Market cap's about $90m ish, so maybe that's expensive for this at the moment?? Hard to compare it to anything without a JORC. I sold out again today....again..,..
bigdog
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More shares to be issued; 80 million per attached ann today
What will this do to the SP?
EXT 4:21 PM Extension granted for proposed furure issue of shares
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00688078
Extension granted by ASX for proposed future issue of shares
By approval at the annual general meeting held on 29th November 2006 the Company has been authorised to issue up to 80,000,000 fully paid ordinary shares, with such approval originally granted for a period of 3 months which was to have expired on 28th February 2007.
In order to accommodate the timing of the planned capital raising as previously announced the Company has sought and been granted by the ASX a waiver for compliance with listing rule 14.7, such that the shares may now be issued at any time up until the 28th March 2007.
What will this do to the SP?
EXT 4:21 PM Extension granted for proposed furure issue of shares
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00688078
Extension granted by ASX for proposed future issue of shares
By approval at the annual general meeting held on 29th November 2006 the Company has been authorised to issue up to 80,000,000 fully paid ordinary shares, with such approval originally granted for a period of 3 months which was to have expired on 28th February 2007.
In order to accommodate the timing of the planned capital raising as previously announced the Company has sought and been granted by the ASX a waiver for compliance with listing rule 14.7, such that the shares may now be issued at any time up until the 28th March 2007.
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petee said:
They do and we are
But not as bad as other countries
Anyone notice how crazy EXT went today??--it sat around $0.09-0.091c all day--a little movement at around 3pm and then 330pm hit and this thing went wild!!...hits .099c all within about 20 mins- closes at .098 for a 7% gain with around 210 trades for the day....is something brewing???
There is a rumour going round that rio tinto are going to have a tilt at extract and that is what caused the late surge. It makes some sense as extract's tennement is next to rio tinto's rossing mine and ext's current drilling is 5 km's south on the same reef as the rossing mine. Will believe it though when it happens.
bigdog
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Re: EXT - Uranium Projects Update
ASX Uranium update report
EXT 10:11 AM Uranium Projects Update
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00692248
ASX Uranium update report
EXT 10:11 AM Uranium Projects Update
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00692248
bigdog
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UK article Feb 9 Kalahari Minerals
http://www.investegate.co.uk/Article.aspx?id=200702090700359870Q
9 February 2007
Kalahari Minerals plc ('Kalahari' or 'the Company')
Notice of EGM and Substantial Transaction
Kalahari Minerals plc, the AIM listed mining exploration and evaluation group
with a portfolio of copper and uranium prospects in Namibia, is pleased to
announce that an Extraordinary General Meeting ('EGM') will be held on 27
February 2007 to approve the transaction with Extract Resources Ltd (ASX: EXT) ('Extract'), whereby the companies have conditionally agreed to consolidate their respective interests in their common uranium projects in Namibia.
Overview
• The Company has conditionally agreed that its wholly-owned subsidiary,
Kalahari Uranium Limited ('Kalahari Uranium'), a company incorporated and
registered in the Isle of Man, will dispose of the group's uranium assets
which are held through a Namibian incorporated company, Swakop Uranium (Proprietary) Limited ('Swakop'), for a consideration of 667 million new
ordinary shares in Extract ('the Disposal').
• The Disposal is subject to certain conditions including both Kalahari
and Extract obtaining shareholder approval.
• The directors of Kalahari believe that a single asset uranium company is
more likely to focus investors attention and more properly reflect the
underlying value of the assets.
• Following the Disposal, Kalahari will concentrate on its copper projects
and the directors intend to promote Kalahari as a base and precious metal
company.
• As a condition of the Disposal, Extract is to complete a capital raising
of a minimum of A$10 million and plans to accelerate exploration and
drilling programmes on the uranium projects.
• Under the share purchase agreement, Kalahari has the right to nominate
an independent director to the Extract board.
Kalahari Chairman Mark Hohnen said, 'We believe that by consolidating our
uranium assets we can realise their true value while remaining exposed to their potential upside though Kalahari's significant holding in Extract. We are
advancing our copper projects, which have recently yielded positive results and we are evaluating a number of other opportunities aimed at expanding our
portfolio. These are exciting times for Kalahari and with a significant cash
position of approximately £5 million we believe we can continue to increase the value of the Company.'
Introduction
On 21 December 2006 the Company announced that it had entered into a heads of agreement with Extract, whereby the companies had conditionally agreed to consolidate their respective interests in their common uranium projects in Namibia.
On 8 February 2007 the Company entered into a conditional share purchase
agreement with Extract (the 'SPA') pursuant to which it has been conditionally
agreed that Kalahari Uranium, a wholly owned subsidiary of the Company, will
sell to Extract its 49 per cent. interest in Swakop in consideration for the
issue of 667 million new fully paid ordinary shares in Extract.
The SPA is conditional upon a number of conditions including completion of an
asset sale agreement whereby, prior to completion of the SPA, Kalahari's
interest in its uranium projects comprising exclusive prospecting licence 3138
('EPL 3138') and the nuclear fuel rights in exclusive prospecting licence 3139
('EPL 3139') will be transferred by Kalahari's wholly owned subsidiary, West
Africa Exploration (Namibia) (Pty) Limited ('WAGE'), to Swakop (the 'Namibian
Asset Transfer Agreement').
It is intended that prior to completion of the Disposal, Extract shall seek
shareholder approval for a 1:10 share consolidation of its issued share capital.
Accordingly, subject to the passing of the appropriate resolution by the
shareholders of Extract, the number of shares issued to Kalahari Uranium shall
be 66.7 million ordinary shares.
Conditions precedent to the Disposal include:
1. Kalahari and Extract obtaining all requisite regulatory approvals, licence
transfers and shareholder approvals;
2. Extract completing a capital raising of a minimum of A$10 million, which
would be utilised to accelerate exploration and drilling on the uranium
projects; and
3. completion of the Namibian Asset Sale Transfer Agreement.
Pursuant to the terms of the SPA, Kalahari Uranium also has the right, subject
to Extract's constitution and applicable law, to nominate an independent
director to the Extract board.
Under the AIM Rules the Disposal will constitute a fundamental change of
business and consequently requires the prior approval of shareholders of the
Company ('Shareholders') at an EGM, to be held on 27 February 2007.
Peter McIntyre, a director of Kalahari is also a director of Extract and the
Disposal is therefore a related party transaction (as defined) under the AIM
Rules. After careful consideration, Mark Hohnen and Glyn Tonge, the independent directors of Kalahari ('the Independent Directors'), having consulted with Corporate Synergy, believe that the terms of the Disposal are fair and reasonable as far as the Shareholders are concerned and have concluded that the Disposal is in the best interests of the Company and Shareholders.
Background to and reasons for the disposal:
In May 2005 Extract's wholly owned subsidiary Extract Resources (Namibia) Pty Limited ('Extract Namibia') and WAGE entered into an unincorporated joint
venture pursuant to which the parties agreed to exploit the mineral rights
derived from EPL 3138 (the 'Husab Project') in Namibia. The northern boundary of this licence is only 5 kilometres from the Rossing Uranium Mine, which is one of the world's largest uranium producers, having been in operation for over 30 years.
Airborne radiometrics over the Husab Project lead to ground based radiometrics, which in-turn has confirmed outcropping uranium anomalies over various areas. Diamond-drilling commenced on the Ida Dome target in April 2006, with positive results. The evaluation of Ida will continue throughout 2007, and drill testing will also commence on two other targets known as Hildenhof and Rossing South.
In December 2006 it was agreed that, subject to the approval of the Namibian
government mining authorities, Extract Namibia and WAGE would transfer their
rights in the unincorporated joint venture to Swakop, a Namibian company
incorporated for the purpose of holding the uranium assets. Completion of the
transfer pursuant to the terms of the Namibian Asset Sale Agreement will occur on receipt of the relevant approvals.
Following the Disposal, which remains conditional upon Extract's proposed
capital raising of not less than A$10 million, Extract has indicated that it
intends to position itself as a wholly focused uranium company and should have sufficient funds to continue drilling at the Husab Project with a view to
commence resource definition followed by a pre-feasibility study.
The principal reason for the Disposal is that the Directors believe that a
single asset uranium company is more likely to focus investors attention and
more properly reflect the underlying value of the assets, leaving Kalahari to
concentrate on its copper and other base metal assets.
Extract has identified the acceleration of work on the Husab Project as a
priority, especially in light of the progress made on the project in 2006.
Subject to Extract completing the capital raising referred to above, the
exploration and drilling programmes will be accelerated on the uranium projects. The directors of Extract and the Kalahari board believe that the fund raising will support the consolidation strategy and enable the Husab Project to be brought to resource definition and feasibility more quickly than if the Husab Project remains as a joint venture. It is understood that the ultimate objective of Extract's strategy is to bring the Husab Project to development whilst there continues to be a worldwide strong demand for uranium.
The Independent Directors believe that the Disposal will increase the visibility
of the uranium licences at the Husab Project and as a result increase the value of the Husab Project, which the Independent Directors believe is not currently reflected in Kalahari's share price. Kalahari will remain active in the
development programme with an additional representative on the board of Extract and will also be able to benefit from any additional projects that the Extract management bring to Extract.
On completion of the Disposal and assuming a A$10 million capital raising at
Extract's closing share price on ASX at A$0.092 on 7 February 2007, being the
last practicable date prior to publication of the circular sent to Shareholders,
Kalahari Uranium will hold approximately 38.3 per cent. of Extract's issued
capital. However, there can be no guarantee that Extract will not raise funds in excess of A$10 million and/or do so at a price below the current mid market
price, either of which would reduce Kalahari Uranium's interest in Extract.
Extract's shares have traded in a range over the past 3 months of A$0.081 to
A$0.13. At a price of A$0.092 per share, Kalahari Uranium's interest in Extract
would be worth approximately A$61.36 million (£24.25 million).
http://www.investegate.co.uk/Article.aspx?id=200702090700359870Q
9 February 2007
Kalahari Minerals plc ('Kalahari' or 'the Company')
Notice of EGM and Substantial Transaction
Kalahari Minerals plc, the AIM listed mining exploration and evaluation group
with a portfolio of copper and uranium prospects in Namibia, is pleased to
announce that an Extraordinary General Meeting ('EGM') will be held on 27
February 2007 to approve the transaction with Extract Resources Ltd (ASX: EXT) ('Extract'), whereby the companies have conditionally agreed to consolidate their respective interests in their common uranium projects in Namibia.
Overview
• The Company has conditionally agreed that its wholly-owned subsidiary,
Kalahari Uranium Limited ('Kalahari Uranium'), a company incorporated and
registered in the Isle of Man, will dispose of the group's uranium assets
which are held through a Namibian incorporated company, Swakop Uranium (Proprietary) Limited ('Swakop'), for a consideration of 667 million new
ordinary shares in Extract ('the Disposal').
• The Disposal is subject to certain conditions including both Kalahari
and Extract obtaining shareholder approval.
• The directors of Kalahari believe that a single asset uranium company is
more likely to focus investors attention and more properly reflect the
underlying value of the assets.
• Following the Disposal, Kalahari will concentrate on its copper projects
and the directors intend to promote Kalahari as a base and precious metal
company.
• As a condition of the Disposal, Extract is to complete a capital raising
of a minimum of A$10 million and plans to accelerate exploration and
drilling programmes on the uranium projects.
• Under the share purchase agreement, Kalahari has the right to nominate
an independent director to the Extract board.
Kalahari Chairman Mark Hohnen said, 'We believe that by consolidating our
uranium assets we can realise their true value while remaining exposed to their potential upside though Kalahari's significant holding in Extract. We are
advancing our copper projects, which have recently yielded positive results and we are evaluating a number of other opportunities aimed at expanding our
portfolio. These are exciting times for Kalahari and with a significant cash
position of approximately £5 million we believe we can continue to increase the value of the Company.'
Introduction
On 21 December 2006 the Company announced that it had entered into a heads of agreement with Extract, whereby the companies had conditionally agreed to consolidate their respective interests in their common uranium projects in Namibia.
On 8 February 2007 the Company entered into a conditional share purchase
agreement with Extract (the 'SPA') pursuant to which it has been conditionally
agreed that Kalahari Uranium, a wholly owned subsidiary of the Company, will
sell to Extract its 49 per cent. interest in Swakop in consideration for the
issue of 667 million new fully paid ordinary shares in Extract.
The SPA is conditional upon a number of conditions including completion of an
asset sale agreement whereby, prior to completion of the SPA, Kalahari's
interest in its uranium projects comprising exclusive prospecting licence 3138
('EPL 3138') and the nuclear fuel rights in exclusive prospecting licence 3139
('EPL 3139') will be transferred by Kalahari's wholly owned subsidiary, West
Africa Exploration (Namibia) (Pty) Limited ('WAGE'), to Swakop (the 'Namibian
Asset Transfer Agreement').
It is intended that prior to completion of the Disposal, Extract shall seek
shareholder approval for a 1:10 share consolidation of its issued share capital.
Accordingly, subject to the passing of the appropriate resolution by the
shareholders of Extract, the number of shares issued to Kalahari Uranium shall
be 66.7 million ordinary shares.
Conditions precedent to the Disposal include:
1. Kalahari and Extract obtaining all requisite regulatory approvals, licence
transfers and shareholder approvals;
2. Extract completing a capital raising of a minimum of A$10 million, which
would be utilised to accelerate exploration and drilling on the uranium
projects; and
3. completion of the Namibian Asset Sale Transfer Agreement.
Pursuant to the terms of the SPA, Kalahari Uranium also has the right, subject
to Extract's constitution and applicable law, to nominate an independent
director to the Extract board.
Under the AIM Rules the Disposal will constitute a fundamental change of
business and consequently requires the prior approval of shareholders of the
Company ('Shareholders') at an EGM, to be held on 27 February 2007.
Peter McIntyre, a director of Kalahari is also a director of Extract and the
Disposal is therefore a related party transaction (as defined) under the AIM
Rules. After careful consideration, Mark Hohnen and Glyn Tonge, the independent directors of Kalahari ('the Independent Directors'), having consulted with Corporate Synergy, believe that the terms of the Disposal are fair and reasonable as far as the Shareholders are concerned and have concluded that the Disposal is in the best interests of the Company and Shareholders.
Background to and reasons for the disposal:
In May 2005 Extract's wholly owned subsidiary Extract Resources (Namibia) Pty Limited ('Extract Namibia') and WAGE entered into an unincorporated joint
venture pursuant to which the parties agreed to exploit the mineral rights
derived from EPL 3138 (the 'Husab Project') in Namibia. The northern boundary of this licence is only 5 kilometres from the Rossing Uranium Mine, which is one of the world's largest uranium producers, having been in operation for over 30 years.
Airborne radiometrics over the Husab Project lead to ground based radiometrics, which in-turn has confirmed outcropping uranium anomalies over various areas. Diamond-drilling commenced on the Ida Dome target in April 2006, with positive results. The evaluation of Ida will continue throughout 2007, and drill testing will also commence on two other targets known as Hildenhof and Rossing South.
In December 2006 it was agreed that, subject to the approval of the Namibian
government mining authorities, Extract Namibia and WAGE would transfer their
rights in the unincorporated joint venture to Swakop, a Namibian company
incorporated for the purpose of holding the uranium assets. Completion of the
transfer pursuant to the terms of the Namibian Asset Sale Agreement will occur on receipt of the relevant approvals.
Following the Disposal, which remains conditional upon Extract's proposed
capital raising of not less than A$10 million, Extract has indicated that it
intends to position itself as a wholly focused uranium company and should have sufficient funds to continue drilling at the Husab Project with a view to
commence resource definition followed by a pre-feasibility study.
The principal reason for the Disposal is that the Directors believe that a
single asset uranium company is more likely to focus investors attention and
more properly reflect the underlying value of the assets, leaving Kalahari to
concentrate on its copper and other base metal assets.
Extract has identified the acceleration of work on the Husab Project as a
priority, especially in light of the progress made on the project in 2006.
Subject to Extract completing the capital raising referred to above, the
exploration and drilling programmes will be accelerated on the uranium projects. The directors of Extract and the Kalahari board believe that the fund raising will support the consolidation strategy and enable the Husab Project to be brought to resource definition and feasibility more quickly than if the Husab Project remains as a joint venture. It is understood that the ultimate objective of Extract's strategy is to bring the Husab Project to development whilst there continues to be a worldwide strong demand for uranium.
The Independent Directors believe that the Disposal will increase the visibility
of the uranium licences at the Husab Project and as a result increase the value of the Husab Project, which the Independent Directors believe is not currently reflected in Kalahari's share price. Kalahari will remain active in the
development programme with an additional representative on the board of Extract and will also be able to benefit from any additional projects that the Extract management bring to Extract.
On completion of the Disposal and assuming a A$10 million capital raising at
Extract's closing share price on ASX at A$0.092 on 7 February 2007, being the
last practicable date prior to publication of the circular sent to Shareholders,
Kalahari Uranium will hold approximately 38.3 per cent. of Extract's issued
capital. However, there can be no guarantee that Extract will not raise funds in excess of A$10 million and/or do so at a price below the current mid market
price, either of which would reduce Kalahari Uranium's interest in Extract.
Extract's shares have traded in a range over the past 3 months of A$0.081 to
A$0.13. At a price of A$0.092 per share, Kalahari Uranium's interest in Extract
would be worth approximately A$61.36 million (£24.25 million).
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,439
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ASX Uranium update report
EXT 10:11 AM Uranium Projects Update
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00692248
URANIUM EXPLORATION UPDATE
The Directors are pleased to announce details of current progress being made on elements of the Namibian uranium strategy which include:-
• Continued excellent drill results from Ida Central.
• Potentially economic uranium mineralisation intersected at Ida East.
• Extensive airborne uranium anomalies identified on Northern Licence (EPL 3327).
HIGHLIGHTS IN BRIEF
On-going diamond drilling at Ida Central continues to provide broad intervals of granite hosted uranium mineralisation. Additionally, results from the first hole completed at Ida East have provided an encouraging intersection of 15 metres grading 0.291 kg/t U3O8.
Imaging of the limited airborne radiometric data available for the Uis area licences (EPL 3327 and 3328) have confirmed that the northern licences are prospective for secondary uranium occurrences.
HUSAB JOINT VENTURE (EXTRACT 51%)
- Ida Dome Drilling Update Assay results have recently been returned for two diamond drill holes completed at the Ida Dome. HDD020 returned an excellent intersection from Ida Central of 41 metres assaying 0.234 kg/t U3O8,
while the first drill hole completed at Ida East returned an encouraging intersection of 15 metres grading 0.291 kg/t U3O8. A second hole has subsequently been completed at Ida East, and spectrometer logging
of the core indicates the presence of uranium mineralisation in this hole also.
Diamond drilling continues at Ida Central with a single drill working, however it is expected that a second portable drill rig will commence work in the near future. The Company is awaiting settlement of an environmental contract which will allow field operations to commence on the recently granted EPL
3439. This licence captures the strike extensions to the Ida Central and Ida East Prospects which are the subject of current exploration activities.
Uranium intersections greater than 0.1 kg/t U3O8 (100 ppm) over a minimum down hole thickness of 2 metres, are listed in Table 1:
Table 1: New Results, Ida Dome Diamond Drilling, Uranium intersections greater than 0.1 kg/t U3O8.
Notes:
• Analyses on half cut NQ (50mm dia) core by Genalysis Laboratory Services, Perth.
• Uranium assays were carried out by Four Acid Digest/MS (Method AT/MS).
• Metal values (U) have been converted to oxide values (U3O8) using a factor of 1.179, and expressed as kg/t U3O8.
Note that 100 ppm U3O8 is equivalent to 0.1 kg/t U3O8.
• True widths are estimated to range from 50% to 90% of down hole thicknesses.
Further runs of cut half core are currently being prepared for shipping to Johannesburg for sample preparation and assaying in Australia, and additional results will be released when they become available. In addition, an extensive programme of surface channel sampling of uranium mineralized alaskitic granites and pegmatites along the outcrop of the Ida Trend is continuing.
- Rossing South RAB Drilling The drill mobilized to site in early February, however, progress to date has been slow due to soft and porous gypcretised and calcretised surficial materials causing loss of air and hole caving issues. An attempt is being made to remedy this by casing the hole through the problem surface materials.
- Corporate Update
As previously announced on 21 December 2006, the Company entered into a Heads of Agreement (“HOA”) with Kalahari Minerals Plc (AIM:KAH) to consolidate ownership of the Husab Uranium Project, with Extract acquiring Kalahari’s 49% interest in the Husab Project.
As announced separately today Extract is calling for a meeting of shareholders to seek approval for this transaction together with a proposed 1:10 reconstruction of its issued share capital. Full details of the
resolutions and supporting information are included with the Notice of Meeting which is being sent to all shareholders.
UIS AREA LICENCES (EXTRACT 100%)
Available airborne magnetic and radiometric data have been purchased for the recently granted northern licences. Unfortunately, only incomplete coverage is available for EPL 3327, and no high resolution coverage is currently available for EPL 3328. Imaging of the data available for EPL 3327 reveal significant uranium anomalies interpreted to be associated with calcretised palaeodrainages some distance upstream from the Mile 72 uranium occurrence. Two significant areas of uranium surface enrichment appear to be present; one area covering approximately 11 km by 2 km, and the second
smaller area of 3 km by 1 km some distance down stream. A portion of the interpreted line of drainage in between the two anomalies is not covered by the available data (see map appended).
This area has only been lightly explored, however previous work in the early 1980’s on the Namib Rock Prospect returned drill intersections ranging from 200-300 ppm U3O8 at shallow depths. The exploration model for this area is for secondary uranium occurrences in calcretised palaeodrainages with the uranium sourced from the numerous radiogenic granites and pegmatites known to be present in the Uis-Brandberg area.
EXT 10:11 AM Uranium Projects Update
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00692248
URANIUM EXPLORATION UPDATE
The Directors are pleased to announce details of current progress being made on elements of the Namibian uranium strategy which include:-
• Continued excellent drill results from Ida Central.
• Potentially economic uranium mineralisation intersected at Ida East.
• Extensive airborne uranium anomalies identified on Northern Licence (EPL 3327).
HIGHLIGHTS IN BRIEF
On-going diamond drilling at Ida Central continues to provide broad intervals of granite hosted uranium mineralisation. Additionally, results from the first hole completed at Ida East have provided an encouraging intersection of 15 metres grading 0.291 kg/t U3O8.
Imaging of the limited airborne radiometric data available for the Uis area licences (EPL 3327 and 3328) have confirmed that the northern licences are prospective for secondary uranium occurrences.
HUSAB JOINT VENTURE (EXTRACT 51%)
- Ida Dome Drilling Update Assay results have recently been returned for two diamond drill holes completed at the Ida Dome. HDD020 returned an excellent intersection from Ida Central of 41 metres assaying 0.234 kg/t U3O8,
while the first drill hole completed at Ida East returned an encouraging intersection of 15 metres grading 0.291 kg/t U3O8. A second hole has subsequently been completed at Ida East, and spectrometer logging
of the core indicates the presence of uranium mineralisation in this hole also.
Diamond drilling continues at Ida Central with a single drill working, however it is expected that a second portable drill rig will commence work in the near future. The Company is awaiting settlement of an environmental contract which will allow field operations to commence on the recently granted EPL
3439. This licence captures the strike extensions to the Ida Central and Ida East Prospects which are the subject of current exploration activities.
Uranium intersections greater than 0.1 kg/t U3O8 (100 ppm) over a minimum down hole thickness of 2 metres, are listed in Table 1:
Table 1: New Results, Ida Dome Diamond Drilling, Uranium intersections greater than 0.1 kg/t U3O8.
Notes:
• Analyses on half cut NQ (50mm dia) core by Genalysis Laboratory Services, Perth.
• Uranium assays were carried out by Four Acid Digest/MS (Method AT/MS).
• Metal values (U) have been converted to oxide values (U3O8) using a factor of 1.179, and expressed as kg/t U3O8.
Note that 100 ppm U3O8 is equivalent to 0.1 kg/t U3O8.
• True widths are estimated to range from 50% to 90% of down hole thicknesses.
Further runs of cut half core are currently being prepared for shipping to Johannesburg for sample preparation and assaying in Australia, and additional results will be released when they become available. In addition, an extensive programme of surface channel sampling of uranium mineralized alaskitic granites and pegmatites along the outcrop of the Ida Trend is continuing.
- Rossing South RAB Drilling The drill mobilized to site in early February, however, progress to date has been slow due to soft and porous gypcretised and calcretised surficial materials causing loss of air and hole caving issues. An attempt is being made to remedy this by casing the hole through the problem surface materials.
- Corporate Update
As previously announced on 21 December 2006, the Company entered into a Heads of Agreement (“HOA”) with Kalahari Minerals Plc (AIM:KAH) to consolidate ownership of the Husab Uranium Project, with Extract acquiring Kalahari’s 49% interest in the Husab Project.
As announced separately today Extract is calling for a meeting of shareholders to seek approval for this transaction together with a proposed 1:10 reconstruction of its issued share capital. Full details of the
resolutions and supporting information are included with the Notice of Meeting which is being sent to all shareholders.
UIS AREA LICENCES (EXTRACT 100%)
Available airborne magnetic and radiometric data have been purchased for the recently granted northern licences. Unfortunately, only incomplete coverage is available for EPL 3327, and no high resolution coverage is currently available for EPL 3328. Imaging of the data available for EPL 3327 reveal significant uranium anomalies interpreted to be associated with calcretised palaeodrainages some distance upstream from the Mile 72 uranium occurrence. Two significant areas of uranium surface enrichment appear to be present; one area covering approximately 11 km by 2 km, and the second
smaller area of 3 km by 1 km some distance down stream. A portion of the interpreted line of drainage in between the two anomalies is not covered by the available data (see map appended).
This area has only been lightly explored, however previous work in the early 1980’s on the Namib Rock Prospect returned drill intersections ranging from 200-300 ppm U3O8 at shallow depths. The exploration model for this area is for secondary uranium occurrences in calcretised palaeodrainages with the uranium sourced from the numerous radiogenic granites and pegmatites known to be present in the Uis-Brandberg area.
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So, essentially, nothing exceptional here - just a dog rolling over and scratching its back, trying to attract interest from those around it (RIO, Paladin, etc).
Still waiting to see this stock do something - anything!
Still waiting to see this stock do something - anything!
- Joined
- 23 March 2005
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Gurgler said:
Yep, this is the most frustrating stock in my portfolio.
Getting very close to cutting it loose.
I'll let you all know when I do this as you can bet you bottom dollar RIO will announce a T/O the next day!
