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From: Nigel
ArtDate: 12th September 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.94.108
Date: 20/09/06
Time: 08:19
12th September 2006
Zambezi Resources Exploration Update
News Item - Conduit PR
Zambezi Resources Limited (AIM:ZRL)
Exploration Update Zambian Copper, Gold and Uranium Projects
Three drilling rigs operating on priority projects Chakwenga Gold Project RC drilling completed, results expected during September Cheowa Copper Project diamond drilling ongoing, results expected during September Mwomboshi Gold Project diamond drilling commenced, results expected during October Oryx Uranium Project trench sampling and spectrometer surveys completed, results expected during September Zambezi Resources Limited (“Zambezi” or the “Company”), today announces progress on exploration activities at its Zambian copper, gold and uranium projects, where three drill rigs are currently in operation. Detailed reports will be released for each project when all assay results are to hand.
At Chakwenga, the Company’s priority gold project, the first phase of RC drilling ever conducted on this project has been completed in the vicinity of the Chakwenga Mine area. 35 holes were completed for a total of 4,899 metres, over a strike length of approximately 1 kilometre. Holes were drilled on a section spacing of approximately 100 metres and tested several mineralised horizons to maximum vertical depths of 70-150 metres. Target zones returned encouraging intervals of quartz veining hosted by pyrite-bearing schists in several holes. Assay results are expected during September. The RC rig is now drilling the first holes into the Kangaluwi-Chisawa copper-gold prospect 10 kilometres southeast of Chakwenga, and will return to Chakwenga for infill and extension drilling following receipt and assessment of the assay results.
At Cheowa, the Company’s priority copper-gold project, diamond drilling of the previously defined electromagnetic conductors continues. To date, 12 holes have been completed for 2,278 metres, including 2 holes on Conductor CC01, 8 holes on Conductor CC02, and 2 holes on Conductor CC03. Assay results have been received to date only for the first two holes drilled on Conductor CC02. These were previously reported (see announcement of 25 July 2006), and returned a best result of 4 metres @ 3.34% copper (CHEDD0002, 74-78m downhole). Subsequent to the first two holes, further encouraging disseminated pyrite-chalcopyrite mineralisation ranging in downhole width from 3 to 34 metres has been intersected at Conductor CC02. Assay results are expected in mid September. Diamond drilling is planned to continue at this exciting prospect until the end of the current field season in December.
At Mwomboshi, previous rock chip sampling by the Company returned surface gold anomalism over a 600 metre strike length of the Mwomboshi shear system (see announcement of 31 March 2005), with results in excess of 1 g/t gold occurring over a strike length of some 400 metres. Best results within this zone included 124.16 g/t gold, 53.65 g/t gold, 11.09 g/t gold and 9.51 g/t gold. In addition, stream-sediment samples collected from streams draining the Mwomboshi shear system returned gold anomalism over 3 kilometres of strike, with six samples returning assays greater than 10 ppb Au, including a high of 4,028 ppb Au. Limited diamond drilling was carried out at Mwomboshi by the Zambian Geological Survey in 1978, and while no systematic core sampling and gold analysis was carried out, numerous core intervals were crushed and panned, returning significant gold tails. Zambezi has recently completed more surface geochemical sampling and a ground IP geophysical survey, and has now commenced a diamond drilling programme, initially targeting the highly anomalous 400 metre zone of the Mwomboshi shear system. Assay results are expected in October.
At Oryx, the Company’s priority uranium project, 14 trenches have been completed for a total of 1,628 metres over the areas of strongest radiometric uranium anomalism. Channel sampling has been completed and all samples have been submitted for assay. In addition, detailed spectrometer traverses have been conducted along all trenches. A strong correlation between spectrometer results and the limited assay results to hand is evident, with broad uranium spectrometer anomalies corresponding closely with uranium assay anomalies. Full assay results are expected in late September, when a more detailed report will be released. In addition to Oryx, the Company continues to carry out reconnaissance work on other radiometric uranium anomalies identified during the 2005 geophysical surveys.
Commenting today Julian Ford, Managing Director of Zambezi, said: “Over the next six weeks, we look forward to further results from our intensive and ongoing drilling campaigns on our key copper and gold projects. Following positive results at Cheowa, our copper strategy has been cemented with the announcement of the Glencore Joint Venture last week. Intensive exploration activity continues on our gold and uranium projects and we are optimistic of positive developments”.
A detailed version of this announcement, including maps is available from the Zambezi website at: www.zambeziresources.com
For more information contact:
Julian Ford, Managing Director Jeremy Wrathall, Non-Executive Director Zambezi Resources (Australia) Zambezi Resources (London) +61 (08) 9216 9000 / +61 (0) 418 949 580 Mob: +44 7712 776 100
Laurence Read / Leesa Peters Conduit PR +44 20 7429 6666 / +44 7979 955 923
Laurence Read Conduit PR Ltd 3rd Floor 76 Cannon Street London EC4N 6AE United Kingdom Direct: +44 (0) 20 7429 6605 Office: +44 (0) 20 7429 6666 Mob: +44 (0) 7979 955 923 Fax: +44 (0) 20 7429 6699 laurence@conduitpr.com
www.conduitpr.com
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