African Energy Resources (ASX: AFR) has announced that the 2010 exploration programme for Zambia and Botswana has been finalised and approved for immediate commencement.
The programme is designed to increase known uranium resources in southern Zambia and may lead to additional discoveries in northern Zambia and in Botswana.
The approved programmes include 21,000m of reverse circulation (RC) percussion drilling, of which 7,500m has been allocated to the Sese Project in Botswana and the remainder to projects in Zambia.
The programmes include: 3,000m new targets in NW part of the Sese Project, Botswana; 4,500m infill drilling at Gojwane prospect, Sese; 3,000m new targets in the Chirundu JV, Zambia; 7,000m new and existing targets in the Kariba Valley JV, Zambia; 2,000m new targets in the Aldershot JV, Zambia and 1,500m to drill test the Sitwe target in the Northern Luangwa Valley Project in Zambia.
Work has already commenced on developing access roads for the exploration programmes in the Sese Project, Botswana. The Sese Project is wholly owned by African Energy. The company has conducted drilling at two prospects to date, Foley and Gojwane, with significant uranium mineralisation discovered in drilling at both.
In addition to follow-up work on these prospects, the company said a number of other untested uranium targets have been identified for drill testing in 2010.
The total budgeted expenditure to December 2010 is USD $3.7 million, of which USD $2.4 million is for direct exploration and exploration support.
At the end of February, the company’s cash position was USD $5.1 million.
[Proactiveinvestors Australia]
Will local communities benefit? This is all very vague. I’m yet to see an investor in rural areas who has a meaningful plan of how he/she will be a joy to have around.
long awaited. At least i will get a good job
This is just news not a fact. We had a simmilar news that Petrolium had been discovered in N/W province. The only mineral we can mine in Zambia is Copper because someone had established a foundation for copper mining.Since colonial time, no other mining ventures have been established apart from copper mining even though the country has a variet of mineral deposits throughout the country.
If petroleum was really discovered, we need to see things moving rather than bringing the news only during the Campaign time…..