Extract Resources continues to excite shareholders with Rossing South results
18 November 2009
Extract Resources, the Australian listed company behind a potentially massive uranium discovery in Namibia, today said that ongoing work on its Rossing South project had reinforced its view that it was “one of the most significant uranium discoveries ever made”.
Rossing South is part of Extract’s larger Husab Uranium project and is currently the focus of intense drilling efforts in order to come up with a feasibility study by the middle of 2010.
Eleven rigs are currently working on the site, with more rigs being sourced, as chemical assay results continue to show the continuity of uranium mineralisation as the infill drilling moves the inferred resource closer to ‘measured’ and ‘indicated’ status.
The company has also started drilling at the Salem prospect, located approximately 10km south of Rossing South Zone 2, where all 14 holes have intersected multiple zones of anomalous uranium mineralisation from shallow depths.
Yesterday, Extract said it was working with its advisors on inviting potential partners to help it develop the project, although no decision on this has yet been made and Extract may still choose to pursue the project on its own.
AIM listed Kalahari Resources has a 40.44% stake in Extract. It welcomed the latest results update, which it said underpinned the breadth of Rossing South and confirmed the global significance of “this massive mineralised system”.
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