Australian Shares Discussion Forum
Main Forum•A-CAP RESOURCES LIMITED Advancing towards Mining
-
A-Cap: ASX ACB searches for more Uranium in Makgadikgadi
Botswana Stock Exchange (BSE) listed uranium explorer A-Cap Resources Limited says it has recently completed a new airborne radiometric and magnetic survey over the Company's Makgadikgadi tenements.
The company which is also at an advanced stage towards uranium mining in the Serule and Letlhakane areas, says in a statement that Preliminary interpretation of the data has identified 16 high priority radiometric targets for initial follow up.
" A-Cap will be conducting ground checking of the anomalies early in 2010 as soon as the wet season finishes and access can be made.
"The geology of the area of the Makgadikgadi Prospecting Licences is essentially the basal sequence of the Karoo Supergroup.
"These rocks have been known to host economic deposits of uranium throughout southern Africa such as the Kayelekera deposit in Malawi and A-Cap's own Letlhakane Project in Botswana. Airborne radiometrics are one of the principal early stage exploration tools and in this instance A-Cap has immediately identified 16 targets for ground follow up in early 2010," reads a statement from the company. A-Cap says its ambitions to become Botswana's first uranium miner are being spurred on by anticipated high nuclear energy demand from China and India in the coming years. A-Cap holds six prospecting licences covering a total area of 4,400km2 and three licences under application covering a further 3,000km2. All grounds held by A-Cap was previously explored by major companies, among them Falconbridge, BCL, Urangesellchaft and Union.
I hold A-CAP and feel that it is a very undervalued play when compared to the Namibian Uranium explorers such as PDN and EXT. (And is valued at less than 10% of Bannerman's Uranium in the ground)