^ A-Cap’s Uranium tenement Portfolio covering in excess of 7000km2
 

A-Cap holds ten prospecting licences covering a total area of over 7000km2.

The majority of the ground held by A-Cap has been previously explored by major companies including  Falconbridge, BCL, Urangesellchaft and Union. All of A-Cap’s tenements have significant radiometric anomalies and indications of uranium mineralisation exposed at surface.

Significant discoveries have been made at the Letlhakane and Serule Uranium Projects resulting in a Global Resource of 158 Million lb uranium oxide (at a 100ppm cut-off) that has been defined in accordance with the JORC code.
 

Current Resources

In November 2009 A-Cap announced significant upgrades to its global resource base at the Letlhakane and Serule Projects.

  • At a 100ppm U3O8 cut off the Global Resource has grown from 98Mlbs to 158Mlb of U3O8, an increase of 59%
  • Letlhakane – total resource is now at 344 Mt @160ppm for 116Mlbs of U3O8
  • Infill drilling conducted during 2009 at Letlhakane within the previous resource area has resulted in a reclassification of  50Mlbs of contained U3O8 into the Indicated Resource category
  • Serule - initial resource contains 42Mlbs U3O8 in the Inferred category
  • The new resource has been classified along geological and metallurgical domaining criteria into secondary, oxide and primary ore types
  • The secondary mineralisation at Mokobaesi, within the Letlhakane Project, now stands at 11.3Mt @ + 199 ppm for 4.9 M Lbs U3O8 Indicated Resource
  • The current BFS ongoing at Letlhakane focuses on the secondary and oxide domains which collectively contain 30M lbs U3O8


 

< Shows a cumulative Grade Thickness plot for all current Letlhakane drilling. Cumulative Grade thickness (ppm.m) is calculated by multiplying the grade and thickness of an intersection and summing these values for each hole. Yellow arrows indicate areas where the mineralisation remains open (untested by further drilling) these areas will continue to be an exploration focus over the coming months.

 

 

HIGHLIGHTS OF THE RESOURCE UPDATE

A-Cap’s Global Resource Inventory at a 100ppm cut off is detailed in the following table:.   


Competent Person Statement from Resource Upgrade announcement

Information in this report that relates to exploration results, data and cut off grades is based on information compiled by Dr Andrew Tunks who is a member of the Australian Institute of Geoscientists. Dr Tunks is a fulltime employee of A-Cap Resources. Dr Tunks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Tunks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears

The information in this report which relates to Exploration Results and Mineral Resources is based upon information compiled by Ian Glacken, who is a Fellow of the Australasian Institute of Mining and Metallurgy.  Ian Glacken is an employee of Optiro Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.  Ian Glacken consents to the inclusion in the report of a summary based upon his information in the form and context in which it appears.
 

Feasibility Study & Project timeline

A-Cap commissioned an Environmental Impact Assessment and Bankable Feasibility Study during 2009 to consider the following factors:

  • detailed metallurgical studies
  • processing options including heap leaching
  • annual mining rates
  • Cut-off and mining grades
  • annual uranium oxide (U3O8) production
  • waste treatment and tailings storage options
  • operational costs
  • capital expenditure
  • extensive community consultation
  • water sources
  • background radiation studies

Pending positive results from the BFS, A-Cap believes that it would be feasible to achieve it first Uranium production in 2011.
Importantly the project is immediately adjacent to major infrastructure including sealed roads, high tension power lines, water and the rail network, these factors will be highly beneficial for any development of the project.
v Mokobaesi Section 7000mE – A thick zone of uranium mineralisation lies within surficial calcrete and the underlying Karoo Supergroup
     
 

 

2010 Metallurgical Testwork Update

In May 2010 A-Cap announced the results of metallurgical testwork carried out at the Letlhakane Project.  The test work confirmed the suitability of all ores for heap leach treatment and also provided strong indications for the best process options for the various ore types.

The good metallurgical recoveries coupled with positive results from the radiometric sorting are extremely encouraging and further testwork is required to finalise the leaching conditions and optimise reagent applications.

Highlights

  • All secondary and oxide ores agglomerate well with these agglomerated ores exhibiting high percolation rates in columns confirming their suitability for heap leach treatment.
  • The carbonate rich secondary ore is amenable to the use of alkaline reagents achieving recoveries of up to 80% in the mini column testwork.
  • The recovery of uranium from the remaining secondary and oxide ores types is optimised using an acid leach with recoveries up to 86%. 
  • The application of a strong acid during leaching has resulted in excellent recoveries of over 80% in some oxide/transitional ores that had been initially difficult to leach.  
  • Initial results from the beneficiation work on oxide and primary ores are encouraging with significant upgrades of uranium grades from radiometric sorting.

 

 

  

 

There are three significant ore types that occur in the deposit:

  • Secondary Ore typically occurs within 15m of the surface and is characterised by carnotite as the main ore mineral. Secondary ore occurring close to the surface often contains significant amounts of carbonate which gradually decrease with depth.
  • Oxide Ore has been variously affected by weathering and oxidation, some examples are strongly oxidised and some are only weakly oxidised and are termed transitional ores that are mineralogically similar to primary ore. Oxide ores occur between 10m to 25m below the surface.
  • Primary Ores represent the uranium ores as they originally formed and are unaffected by weathering and oxidation from the earth’s surface, primary ore types occur below 25m depth.

The recent metallurgical testwork was carried out on the secondary and oxide ores which will form the basis of the initial production profile at the project. Testwork on the primary ore commenced in March 2010