Drilling Report
November 11 2008 - 7:59AM
UK Regulatory
RNS Number : 9177H
Lithic Metals and Energy Limited
11 November 2008
Lithic Metals and Energy
("Lithic" or "the Company")
Drilling at Mvula East, Zambia, Discovers Further Uranium Mineralisation
Lithic Metals and Energy (AIM:LMY) announces final drilling results from its Mvula East uranium prospect, Zambia.
Highlights
* All assays for drilling at Mvula East now received
* Uranium encountered in multiple zones in all drill holes
* Maximum value of 455ppm U3O8; generally below 200ppm U3O8
Mvula East, a 6 kilometre-long uranium radiometric anomaly with surface rock chips to 736ppm U3O8 is located on the Mpande licence,
approximately 60 kilometres south of the capital city of Lusaka.
A scout diamond drilling programme of 1532.4 metres consisting of 8 drill holes spaced approximately 500 metres apart targeting, a 3
kilometre-long zone in the centre of the radiometric anomaly, was completed in August of this year.
Although every drill hole intersected multiple zones of >100ppm U3O8, results were generally below 200ppm U3O8.
Commenting on these results today, Lithic Managing Director Jim Kerr said, "Having completed this first-pass scout drilling programme,
we are at least pleased to confirm that our exploration methodology is proving effective at rapidly discovering uranium occurrences.
Assays and data from exploration programmes already completed by our field teams this year over a large number of other highly
prospective uranium radiometric targets, will be forthcoming shortly.
With the on-set of the wet season and cessation of exploration activities for this year, the company is undertaking a review of its
forward exploration programmes and associated expenditure, with a view to ensuring effective long term management and allocation of its cash
resources. Further communication regarding this review will be made to shareholders."
For more information, please visit www.lithicme.com
Or contact
Jim Kerr, Lithic Metals & Energy Tel: +61 8 9322 5804
David Youngman/Katy Mitchell, WH Ireland Limited Tel: +44 (0)161 832 2714
Laurence Read / Beth Harris, Threadneedle Tel: +44 (0)20 7653 9850
Communications
Table 1. Mvula East Significant Drill Intersections
ARC1950 zone 35S Intercept U3O8 ppm
Hole ID East North Dip/ Azimuth From To Interval U3O8 ppm
MVUDD001 678707 8255200 -50/225 61.4 62.4 1 140.3
93.2 93.6 0.4 143.84
102.2 106.8 4.6 168.9
MVUDD002 679187 8254802 -50/225 49.4 50.2 0.8 110.8
69 69.8 0.8 103.7
72.4 73.4 1 103.7
75.6 76.6 1 107.3
79.2 80 0.8 104.9
105.8 106.6 0.8 224.0
118 118.4 0.4 193.4
172.4 174.2 1.8 139.8
205.2 206.4 1.2 109.6
227.6 230.8 3.2 127.7
MVUDD003* 679743 8254316 -50/225 149.4 151.5 2.1 127.7
187.96 194 6.04 142.2
198 199.8 1.8 198
205 212 7 137
222 223.6 1 135
MVUDD004 680100 8253943 -50/225 76.8 78.1 1.3 123.7
92.7 92.9 0.2 154.3
103.6 104.2 0.6 157.8
146.9 147.6 0.7 139
149.7 150.2 0.5 315.7
153.4 153.85 0.45 177.9
164.8 165.15 0.35 454.7
188 189.2 1.2 122.5
201.2 201.4 0.2 101.3
MVUDD005 680388 8253626 -50/225 78.2 79.2 1 137.8
96.4 97.4 1 119.0
149.4 150 0.6 147.4
160.2 160.6 0.4 185.1
163.6 163.9 0.3 206.3
168.94 170.05 1.11 122.6
174.2 175.6 1.4 104.9
MVUDD006 680778 8253246 -50/225 74.2 74.6 0.4 121.4
85.8 86.8 1 110.8
131.2 131.8 0.6 153.3
MVUDD007 681178 8253057 -50/225 48.4 48.6 0.2 109.6
86.9 87.2 0.3 120.3
MVUDD008 679700 8254286 -50/225 63.2 64 0.8 110.8
72.6 73.6 1 123.8
74.15 74.6 0.45 115.5
76.4 76.8 0.4 148.5
103.8 104.4 0.6 113.2
107.05 108 0.95 121.4
169.2 171.6 2.4 141.0
175 175.8 0.8 120.3
Notes:
* Uranium analysis by 25gm pressed powder XRF by Genalysis Laboratories of Perth, Western Australia
* Significant intervals calculated as a weighted average using a 100ppm U3O8 cutoff, with a maximum of 2m internal waste
* Metal values (U) converted to oxide values (U3O8) using a factor of 1.179
* Grid coordinates in ARC1950_35S projection
* Reported Earlier
About Mvula East
Located on the Mpande licence approximately 60km south-east from the capital city of Lusaka, Zambia, the Mvula East prospect is a
6km-long uranium radiometric anomaly associated with an outcropping unit of metamorphosed dolomite.
The prospect was discovered by airborne radiometric survey, with subsequent ground surveys confirming uranium values up to 736ppm U3O8.
Uranium Rights Joint Venture
Lithic Metals and Energy entered into a joint venture with Zambezi Resources (AIM/ASX: ZRL) in May 2008, under which Lithic Minerals and
Energy has the right to earn 51% of the uranium rights over 6800km� of four granted exploration licences (Chumbwe, Mpande, Mulungushi and
Rufunsa) by spending US$5 million over 2.5 years.
With respect to the four exploration licences Lithic can increase its uranium rights in the Chumbwe licence to 75% by completing a
definitive feasibility study over the Oryx prospect. It can also increase its uranium rights to 75% over the other three licences by
completing a definitive feasibility study (DFS) on any one uranium resource.
Lithic can move to 100% by sole funding mine development after completion of a DFS, assuming Zambezi Resources elects not to contribute
The information in this report that relates to Exploration Results is based on information compiled by Managing Director Jim Kerr (BSc
Geol, MSc Min Econ, MSEG). Mr Kerr, a full-time employee of Lithic Metals and Energy is a Member of the Australasian Institute of Mining and
Metallurgy and is a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves. Mr Kerr consents to the circulation and inclusion in the report of the matters based on the information in the form and context in
which it appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLLFLFFVFBEFBV
Lithic Metals (SEE LSE:AFNR) (LSE:LMY)
Historical Stock Chart
From May 2024 to Jun 2024
Lithic Metals (SEE LSE:AFNR) (LSE:LMY)
Historical Stock Chart
From Jun 2023 to Jun 2024