ASX RELEASE
Friday, 30 January 2015
QUARTERLY REPORT AND APPENDIX 5B FOR THE QUARTER ENDED 31 DECEMBER 2014
A-Cap Resources Limited ("A-Cap" or "the Company") (ASX: ACB) is pleased to provide its Quarterly Activities Report for the quarter ended 31 December 2014.
HIGHLIGHTS
Completion of infill RC drilling programme consisting of 2812 metres
Excellent results confirm the presence and continuity of high grade uranium mineralisation including:
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3.25m @2386 ppm eU3O8 in hole SERC0364
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2.20m @904 ppm eU3O8 in hole SERC0358
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2.05m @2124 ppm eU3O8 in hole MOKR2582
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2.55m @772 ppm e eU3O8 in hole MOKR2584
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1.25m @2123 ppm eU3O8 in hole SERC0362
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2.60m @588 ppm eU3O8 in hole MOKR2596
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2.95m @1514 ppm eU3O8 in hole MOKR2571
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1.90m @798 ppm eU3O8 in hole MOKR2603
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Ongoing feasibility studies on track for the submission of our Letlhakane Mining Licence application during Quarter 1, 2015
Ongoing evaluation of surface miners proving to be positive with potential for further reductions in mining costs
Environmental and Social Impact Assessment (ESIA) on track to be completed for submission in Quarter 1, 2015
Metallurgical and process design work is progressing very well with final data for recoveries and operating costs to be finalised during Quarter 1, 2015
An estimated JORC compliant coal resource at the Foley Project of 148 million tonnes total tonnes in-situ (TTIS)
A-Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 - T: +61 8 9220 9850 F: +61 8 9220 9820
A-Cap Resources Botswana (Pty) Ltd T/as A-Cap Resources - Plot 946 Old Matsiloje Rd, Francistown, Botswana - T: +267 241 9717 [email protected]www.a-cap.com.au
QUARTERLY ACTIVITIES
A-Cap has continued to remain focussed during the December quarter on the Letlhakane Uranium Project's feasibility studies and finalising the coal evaluation work at the Mea and Bolau Coal Projects. These efforts have yielded excellent results with value added to the Company's mineral assets. The Letlhakane Mining Licence application is well on track in meeting our submission requirements.
Work is ongoing on the uranium process modelling and 4 metre columns to ensure the leachability, acid consumption and recoveries are in line with expectations. The Process design is almost complete in optimising uranium recovery and minimising processing costs.
Resource and mining information has been assessed through grade control scale drilling and infill drilling to improve on the understanding of the mineralisation continuity especially at the higher grades.
The ESIA conducted by SLR has been progressing well to ensure that A-Cap addresses all environmental and social issues that may arise
Significant value has been added to our coal projects at a relatively low cost. The new indicated resource at Foley has defined a mineable volume of coal that is in line with a potential local power station's demand requirements and within the current capacity of transport infrastructure for export considerations. The recent acquisition into the nearby Sese Coal Project by First Quantum Minerals demonstrates that securing electricity supply from coal is a priority consideration of many companies within the region.
Mea results have been received and the resource is currently being compiled. A-Cap expects a new resource during the first quarter of 2015 for the Mea Coal Project.
LETLHAKANE URANIUM PROJECT
The Letlhakane Uranium Project is one of the world's largest undeveloped Uranium Deposits and is located in the safe and stable jurisdiction of Botswana. The Project lies adjacent to Botswana's main North-South infrastructure corridor that includes a sealed all weather highway, railway line and the national power grid, all of which make significant contributions to keeping the capital cost of future developments low.
In July, 2013, A-Cap announced a major JORC Mineral Resource Upgrade at Letlhakane completed by Optiro Pty Ltd, an independent expert. The updated Global Mineral Resource, reported in compliance with the JORC code, currently stands at 662 million tonnes at 211ppm U₃O₈ for a contained 308 Mlbs of U₃O₈ (100ppm cut-off). Importantly, within the Letlhakane Resource, a significant higher-grade component at a 300ppm U₃O₈ cut-off contains 83.7Mt at 447ppm U₃O₈ for 82.5 Mlbs of U₃O₈.
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