African Energy Resources (Guernsey) Ltd.

African Energy has high hopes to increase uranium resource at Chirundu


Southern African uranium explorer African Energy Resources (ASX: AFR) has commenced drilling at Njame South prospect, part of Chirundu Joint Venture project in Zambia.

Investors may recall that the Chirundu uranium project, JV with Albidon (ASX: ALB) has a total resource 7.4 Mlb U3O8 at an average grade of 293 ppm U3O8.

African Energy will drill 60 holes at Njame South, targeting a ground radiometric anomaly which was previously
drilled and found to contain uranium mineralisation by AGIP in the early 1980’s.

Charles Tabeart managing director of African Energy said this drilling program, plus programs at nearby Siamboka prospect, Gwabe South and Namakande, are aimed at adding additional resources to increase proposed uranium mine life at Chirundu.

Current mine life is 5-6 years.

Assay results from these programmes are expected to be received from late October onwards.

African Energy holds a 70% interest in Chirundu. The company recently raised $4 million for drilling

Quick facts: African Energy Resources (Guernsey) Ltd.

Price: $0.02

Market: ASX
Market Cap: $10.65 m

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