Aldershot Joint Venture Project
African Energy has entered into an Earn-In Agreement with Aldershot Resources Ltd (Aldershot) regarding two prospecting licences in the Kariba Valley in southern Zambia. These two licences cover an area of 748 km2 and occur between African Energy’s Kariba Valley JV project and the northern shore of Lake Kariba. African Energy can earn a 51% beneficial interest in the subject properties through meeting an Earn-In Expenditure commitment of AU $500,000 within three years of signing the Agreement, and can increase this to 70% by completing a prefeasibility study on an inferred resource.
During the year, work in the Aldershot JV focussed on three areas, Zeze, Makonkoto and Nangandwe. A geological mapping and ground radiometric survey was conducte
d over the Makonkoto and Zeze prospect areas north of Sinazongwe. The work programme included geological mapping and an assessment of uranium content of the soils on a 400m by 25m grid pattern. Infill to a 200m by 25
m grid pattern was completed on part of the Zeze prospect area. The uranium content in soils was established at each grid point using a calibrated RS‐125 spectrometer in assay mode. The survey identified several areas of moderate uranium anomalism, but none were deemed worthy of drilling in the 2010 campaign.
Historical ground radiometric data collected by AGIP in the late 1970’s highlighted two high intensity anomalies in the eastern part of the Aldershot JV which had not been previously drilled. These prospects, named Nangandwe East and West, were visited by African Energy geologists and confirmed as high priority drilling targets based on the presence of gently dipping sandstones and siltstones with elevated uranium levels as determined by hand-held spectrometer readings. A programme of approximately 12 RC percussion holes has been planned for September 2010.