A-Cap Resources (ASX:ACB) is advancing its Letlhakane Uranium Project in Botswana, where recent infill drilling confirmed the presence and continuity of high grade mineralisation.
The company has now been granted an ASX trading halt in relation to a proposed capital raising.
This will remain in place until the earlier of the announcement being made or the start of trade on Friday, 27th February 2015.
Letlhakane Uranium Project
The 2,812 metre infill drilling program was carried out to further define potential early start pits and returned results including:
- 3.25 metres at 2,386ppm eU3O8 in hole SERC0364;
- 2.05 metres at 2,124ppm eU3O8 in hole MOKR2582; and
- 2.95 metres at 1,514ppm eU3O8 in hole MOKR2571.
Ongoing feasibility studies are on track to be finalised in the first quarter of 2015 with a Mining Licence application to be submitted in the second quarter of 2015.
The Environmental, Social Impact Assessment is on track to be completed by March 2015.
Letlhakane has a high grade Resource of 83.7 million tonnes at 447ppm U3O8 for 82.5 million pounds of U3O8.
It is also one of the top ten global undeveloped uranium deposits with a resource of 308Mlbs at a cut off at 100ppm U3O8.
In addition, ongoing evaluations of surface miners are proving to be positive with potential for further reductions in mining costs.
Metallurgical and process design work is progressing well with final data for resources and operating costs due on time early next year.
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