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Extract Resources

Kalahari Minerals associate Extract identifies new targets at Husab uranium project

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Kalahari Minerals (LON:KAH) said its 41.08 percent owned associate Extract Resources (ASX:EXT, TSX:EXT) has reported chemical assay results from its world-class Husab uranium project in Namibia, confirming uranium mineralisation at several new targets.

Local subsidiary Kalahari Uranium Ltd will increase its holding in Extract to 42.79 percent once the recently announced fundraising is completed.

Kalahari Minerals relayed Extract comments saying continued reverse circulation exploration drilling has confirmed uranium mineralisation at several new targets within the Husab project, including Middle Dome and Pizzaro prospects, both beyond the Rössing South anticline.

Middle Dome is located approximately 6.5 kilometres south of Zone 2, and approximately 4.5 kilometres north of the Salem prospect. Middle Dome appears to be located on the concealed northern extension of the Ida Dome.
  
The Pizzaro prospect is located on EPL 3439 approximately 4.5 kilometres west of the Inca deposit.
  
The strike length of uranium mineralisation at Salem has now been extended to approximately 1 kilometre, Extract said.  Salem Prospect is located some 4.5 kilometres to the south of Middle Dome, on the north east flank of the Ida Dome. Salem is a potentially large but comparatively low grade deposit.

Chemical assay results from the recent drilling at Middle Dome showed 20 metres at 846 parts per million triuranium octoxide and 8 metres at 493 ppm U3O8.

Results from Pizarro confirmed 8 metres at 638 ppm and 12 metres at 191 ppm U3O8, and a hole drilled at Salem returned 36 metres at 178 ppm of uranium mineralisation.

Kalahari's executive chairman Mark Hohnen, said:  “Husab continues to yield excellent results. The scale of the project continues to increase; with these results from Extract's exploration programme identifying a further two highly exciting target zones beyond the Rössing South anticline, at Middle Dome and Pizzaro.

“Kalahari considers the size and significance of these new target zones to be extremely important, providing further potential uplift to what is already the world's largest new uranium discovery,” he added.

Extract announced earlier this week it is currently in talks with Rio Tinto (LON:RIO, ASX:RIO, NYSE:RIO) about potentially combining the Husab project and Rio Tinto's Rössing uranium mine in Namibia.

Husab hosts the Rössing South deposit, which is being explored by 17 rigs. It is currently the fifth largest uranium deposit in the world.  Extract and Rio Tinto are evaluating the significant potential synergies that could be generated from a joint development of the two projects.

Extract is also holding discussions with Kalahari to explore various options that might simplify the Extract/Kalahari shareholding structure.

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