SOUTH PERTH, Western Australia, Aug. 6 /CNW/ - Extract Resources ("the
Company"), (TSX:EXT;ASX:EXT), a Uranium exploration company with projects in
Namibia, Africa, is pleased to announce a maiden resource on the Ida Dome
Project of 25.1 m lbs U308, within the Garnet Valley, New Camp and Ida Central
zones. These areas have not yet been closed off, and will continue to grow
along with the resource drilling currently occurring on Holland's Dome, also
within the Ida Dome complex. Specifically, this maiden resource includes the
results from 28,852 metres of the drilling completed thus far on the Ida Dome
Project, being 48% of the planned 60,000 metre program.
A summary of the resources defined to date is as follows:
IDA DOME PROJECT - GARNET VALLEY + NEW CAMP + IDA CENTRAL MAIDEN RESOURCE
ESTIMATE
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Lower Indicated Inferred
Cut --------------------------------------------------------------
Tonnes Contained Tonnes Contained
Above U(3)O(8) U(3)O(8) Above U(3)O8 U(3)O(8)
Cutoff (Mt) (ppm) (M lb) Cutoff (Mt) (ppm) (M lb)
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Garnet Valley
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100 0.6 246 0.31 43.5 224 21.39
200 0.5 259 0.26 25.6 263 14.77
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New Camp
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100 4 156 1.4
200 0.4 234 0.2
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Ida Central
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100 5.2 170 1.96
200 1.1 238 0.6
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Total
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100 0.6 246 0.31 52.7 213 24.8
200 0.5 259 0.26 27 261 15.6
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Managing Director of Extract Resources, Peter McIntyre, said that the
early results for Ida Dome are towards the upper end of target expectations.
"It is extremely pleasing to announce our maiden resource for Ida Dome; it is
a solid start for our resource base, and will grow substantially from ongoing
work at Ida Dome and from Rossing South to the north. While the Rossing South
discovery has recently shifted much of the focus, the Ida Dome Project is
still shaping up as a significant project in its own right." He said that "the
results are also validating the assumptions incorporated in the October 2007
Scoping Study for Ida Dome, which includes the higher-grade Holland's Dome
area currently being drilled."
DETAILS
This preliminary resource statement exceeds the lower range established
as an exploration target (24.7 m lbs U3O8 - ASX release 19 October 2007), and
the upper range target for Ida Dome as a whole (41.2 m lbs U3O8) is also
expected to be exceeded following completion of the 60,000 metre drill program
which commenced in June 2007. The above resource applies to 28,852 metres
(48%) of the 60,000 metre programme.
To see Figure 1, please visit: http://files.newswire.ca/476/Figure1.pdf
GARNET VALLEY AND NEW CAMP
The drillhole database in the immediate vicinity of the Garnet Valley and
New Camp deposits consists of 114 RC and 40 diamond drill holes for 27,127m.
The majority of the drilling (122 drillholes) was completed by Extract during
2007 and 2008, with the remaining drillholes having being sunk by a subsidiary
of Anglo American Corporation of South Africa in the 1980's.
The drillholes were drilled at angles between -45degrees and -60degrees.
The Extract drillholes were mostly drilled east-west (local grid).
A combination of chemical assaying (20,995 samples) and factored
radiometric data (1,714 1m composites) was used for the estimation.
