Steve Galloway, chairman of Extract Resources, said “The rapid growth of the Rossing South resource and the Husab Project as one of the world’s largest uranium projects is continuing, with ongoing resource definition drilling in Zones 1 and 2 and exploration drilling further south continuing to define significant new zones of mineralisation. This continued success has resulted in the Company re-evaluating the exploration potential and defining a new exploration target of 185 – 285 million pounds U3O8. This figure is in addition to the resources already defined at Zones 1 and 2.”
“The Company is committed to the development of one of the largest uranium mines in the world that will provide significant returns to share-holders and deliver huge benefits to the Namibian nation for decades to come.”
Exploration drilling to date at Rossing South has been completed over eight 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 the company.
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. Key exploration target areas include:
The known Zone 1 and Zone 2 trend where the majority of the uranium mineralisation defined to date has been on the east limb of the Rossing South antiform; South of Zone 2; The west limb of the Rossing South antiform to the west of Zone 1 and Zone 2; The west limb of the Rossing South antiform, south of Zone 2; The Rossing trend about 1.0 – 2.0 kilometers west of the Zone 1 and 2 trend; and other dome related dilational (structural openings) sites identified from the recently acquired 50 metre line spaced magnetic survey.
The company continues its significant commitment to realizing the full potential of the Husab Project with 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.
