A-Cap Resources Limited

Published : December 15th, 2014

High Grade Uranium Mineralisation

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High Grade Uranium Mineralisation


ASX Release

Monday 15 December 2014 ASX: ACB

Drilling Programme Confirms Presence and Continuity of High

Grade Uranium Mineralisation

HIGHLIGHTS

Completion of infill RC drilling programme consisting of 2812 metres.

Excellent results confirm the presence and continuity of high grade uranium mineralisation including:

3.25m @2386 ppm eU3O8 in hole SERC0364

2.20m @904 ppm eU3O8 in hole SERC0358

2.05m @2124 ppm eU3O8 in hole MOKR2582

2.55m @772 ppm e eU3O8 in hole MOKR2584

1.25m @2123 ppm eU3O8 in hole SERC0362

2.60m @588 ppm eU3O8 in hole MOKR2596

2.95m @1514 ppm eU3O8 in hole MOKR2571

1.90m @798 ppm eU3O8 in hole MOKR2603

Ongoing feasibility studies on track to be finalised in first quarter 2015

Mining Licence application to be submitted in the second quarter of 2015

Ongoing evaluations of surface miners proving to be positive with potential for further reductions in mining costs

Environmental, Social Impact Assessment (ESIA) on track to be completed by March 2015

Metallurgical and process design work is progressing very well with final data for resources and operating costs due on time early next year

A-Cap Resources Ltd is pleased to announce excellent results from its recently completed infill drilling programme on its Botswana uranium project which confirms the presence and continuity of high - grade mineralisation in shallow zones targeted for early production. Feasibility work is progressing well with excellent progress on resource work, mining, metallurgy & process design and environmental studies. This work is on track and on budget for completion in the first quarter of next year to support a mining licence application in the second quarter of 2015.
A-Cap's CEO Paul Thomson stated "We are very happy with the excellent results from our last drilling programme which continues to confirm the presence and continuity of high grade mineralisation in shallow zones targeted for early production. This is good news for project economics. Our feasibility work is progressing very well and we are on track and on budget. We are fortunate to be operating in Botswana, a premier mining jurisdiction with stable government, clear and simple mining laws where strong rule of law applies"

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

Page 1 of 11

Drilling Programme completed November 20th 2014

The drilling programme completed in November 2014 was carried out to further define potential early start pits. Previous optimisation studies to determine pit areas highlighted higher grade shallow zones targeted for early production. These excellent results confirm the presence and continuity of high grade uranium mineralisation and will now be incorporated into a new resource model in the first quarter of 2015. Trials with Uniform Conditioning (UC) and Localised Uniform Conditioning (LUC) in the resource modelling have shown the potential to utilise the resource technique across the deposit. The uniform conditioning allows for the SMU (standard mining unit) size in line with the proposed surface mining.
Best intervals* at 200ppm eU3O8 cut off include:
3.25m @2386 ppm eU3O8 in hole SERC0364
2.05m @2124 ppm eU3O8 in hole MOKR2582
1.25m @2123 ppm eU3O8 in hole SERC0362
2.95m @1514 ppm eU3O8 in hole MOKR2571
2.20m @904 ppm eU3O8 in hole SERC0358
2.55m @772 ppm eU3O8 in hole MOKR2584
2.60m @588 ppm eU3O8 in hole MOKR2596
1.90m @798 ppm eU3O8 in hole MOKR2603

*all intervals are reported above 200ppm eU3O8 with a maximum internal dilution of 0.5m.

Resources

Recent trials utilising Uniform Conditioning (UC) and Localised Uniform Conditioning (LUC) resource modelling techniques have been successful. The LUC uses the proposed mining unit which has been reduced in size due to the selectivity of the surface miners that will be utilised. Following the successful current drilling campaign a new resource will be released in 2015. Drilling was focussed in areas where initial optimisation runs delineated possible early pits. The results have been successful in increasing the confidence in these areas.

Mining

Ongoing work on the mining operations is continuing and both Vermeer and Wirtgen Surface Miners are being evaluated which will allow very selective mining of the ore body.
A-Cap is planning to mine on flitches of 0.25m and anticipate reduced dilution, reduction in tonnes but an increase in grade by doing so. Grade control will be undertaken using a GPS fitted vehicle mounted scintillometer to provide better than 1m sampling in pit to a depth of around 0.3m.
Two haulage scenarios are currently being investigated for delivery of ore to the ROM pad. These include trucking of the ore or alternatively trucking of ore to strategically located belt feeders which will convey the ore to the ROM pad. These initiatives also have the potential to further reduce the operating costs.

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

Page 2 of 11

Environmental Social Impact Assessment

SLR South Africa has completed a high level option study to determine the most cost effective and environmentally acceptable heap leach facility. Based on this study an expanding pad using grasshoppers to convey the agglomerated ore to the pad was chosen, and a detailed engineering study using this option is in progress. This study will also form part of the input into the ESIA.

Metallurgy and Process Design

The testwork is based on an acid heap leach route for all the primary, oxide and lower mudstone secondary ores with a modified solvent extraction system being the principal uranium recovery method. Solvent extraction (SX) testwork was completed successfully at the Australian Nuclear Science and Technology Organisation (ANSTO) at Lucas Heights' facility in Sydney using the pregnant liquor solutions produced from column leaches. Process modelling work was also completed during the year indicating that a two stage leach has significant advantages over a single stage leach in terms of cost effectiveness. The remaining calcrete and upper mudstone secondary ores will be treated using a separate alkali leach circuit once the main acid heap circuit is in operation.
The remaining metallurgical testwork to finalise our feasibility studies is progressing very well, exceeding expectations and due for completion in the first quarter 2015. This work was awarded to two groups, ANSTO in NSW and SGS in Perth. ANSTO has been awarded the contract to complete the final two campaigns of primary and oxide columns, and SGS has been awarded the remaining testwork on the secondary ore as well as a series of geotechnical/geochemical columns for the engineering study being carried out by SLR Consulting (SLR). The results of this test work will be used to finalise the process design and also provide updated uranium recoveries important to the economics of the project
At ANSTO, columns are being conducted on ore types from Serule West Primary ore, Mixed Gorgon South & Kraken Primary ore & Mixed Oxide ore. The objective is to optimise acid leaching, to achieve the correct acid balances between leach and SX recovery and use data to determine final recoveries and process operating costs.
At SGS, column test work on all four ore types comprising Serule West Primary ore, Mixed Gorgon South & Kraken Primary ore & Mixed Oxide ore has been completed with geotechnical and geochemical samples to be used in engineering studies being conducted by SLR South Africa.

Current JORC Resource

In July, 2013, A-Cap announced a major JORC Mineral Resource Upgrade at Letlhakane completed by Optiro Pty Ltd, an independent expert. This showed a significant higher-grade component at Letlhakane of a 300ppm U₃O₈ cut-off, contains 83.7Mt at 447ppm U₃O₈ for 82.5 Mlbs of U₃O₈.

Cut-off

Total Indicated Total Inferred Global Total

(U3O8

ppm)

Mt U3O8 (ppm)

Contained

U3O8 (Mlbs)

Mt U3O8 (ppm)

Contained

U3O8 (Mlbs)

Mt U3O8 (ppm)

Contained U3O8 (Mlbs)

100 131.9 198 57.5 530.5 215 250.9 662.4 211 308.1

200 49.4 269 29.4 198.6 319 139.7 248.1 309 168.9

250 23.4 322 16.6 114.9 390 98.7 138.3 378 115.2

300 11.3 376 9.4 72.4 458 73.2 83.7 447 82.5

Table 1 - 2013 Mineral resource estimates for ALL DEPOSITS at various U3O8 cut-offs

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

Page 3 of 11

Following the successful drilling campaign and further resource modeling a new resource will be released next year 2015.

Com petent per son's statement

Information in this report relating to Uranium Exploration results, is based on information compiled by Mr Ashley Jones a ful l-time employee of A-Cap Resources Limited and a member of MAusIMM. Mr Jones has sufficient experience that 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 under the 2012 Edition of the Australasian Code for reporting of Exploration Results Mineral Resources and Ore Reserves. Mr Jones consents to the inclusion of the data in the form and context in which it appears.

The information presented in this report is based on a geological model that was produced in June 2013 by Optiro. Michael Andrew MAusIMM, MAIG has 10 years' experience in modelling and assessing uranium resources, which is sufficient relevant experience for the style of mineralisation and type of deposit under consideration and to the activity to 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 Resou rces and Ore Reserves'. Mr Andrew was at that time a full time employee of Optiro Pty Ltd and consented to the inclusion in the report of the matters based on information in the form and context in which it appears.

Information in this report relating to deconvolved Gamma Results and equivalent U3O8 grades, is based on information supplied by Mr David Wilson BSc MSc who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Wilson is a full -time employee of 3D Exploration Ltd, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the

'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Wilson consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

For further information contact:

***Ends***

Paul Thomson, Managing Director + 61 8 9220 9850

Paul Callander Business Development + 61 8 9220 9850

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

Page 4 of 11

Figure 1 - Drill Hole Locations and all Significant Intersections

HOLEID

Hole Depth

UTM_EASTING

UTM_NORTHING

UTM_ELEVATION

INTERFROM

INTERTO

terval leng

eU3O8 ppm

Dip

Azimuth

MOKR2571

60

526936

7583220

936

32.25

35.2

2.95

1514

-90

0

MOKR2571

60

526936

7583220

936

39

40.85

1.85

320

-90

0

MOKR2573

58

526997

7583269

936

30.8

32.1

1.3

373

-90

0

MOKR2579

67

527144

7583119

935

27.38

29.28

1.9

372

-90

0

MOKR2582

64

527196

7583169

935

27.28

28.63

1.35

276

-90

0

MOKR2582

64

527196

7583169

935

31.88

33.93

2.05

2124

-90

0

MOKR2583

37

529845

7582429

930

14.63

15.88

1.25

237

-90

0

MOKR2583

37

529845

7582429

930

20.03

21.68

1.65

276

-90

0

MOKR2584

37

529845

7582623

930

17.88

18.88

1

273

-90

0

MOKR2584

37

529845

7582623

930

19.63

22.18

2.55

772

-90

0

MOKR2585

43

529948

7582423

929

19.2

21.2

2

370

-90

0

MOKR2585

43

529948

7582423

929

21.75

22.9

1.15

487

-90

0

MOKR2585

43

529948

7582423

929

24.25

25.25

1

357

-90

0

MOKR2586

37

529948

7582473

929

14.9

16.75

1.85

461

-90

0

MOKR2586

37

529948

7582473

929

21.15

22.4

1.25

471

-90

0

MOKR2587

40

529948

7582574

930

20.38

21.88

1.5

568

-90

0

MOKR2588

41

529947

7582623

930

18.75

21

2.25

257

-90

0

MOKR2589

37

529945

7582679

931

11.13

12.58

1.45

370

-90

0

MOKR2589

37

529945

7582679

931

18.63

19.93

1.3

293

-90

0

MOKR2590

40

529945

7582729

931

12.78

14.63

1.85

330

-90

0

MOKR2590

40

529945

7582729

931

19.23

20.28

1.05

259

-90

0

MOKR2590

40

529945

7582729

931

22.13

23.73

1.6

420

-90

0

MOKR2590

40

529945

7582729

931

35.78

37.03

1.25

218

-90

0

MOKR2591

43

529995

7582575

930

16.98

18.23

1.25

224

-90

0

MOKR2591

43

529995

7582575

930

19.93

21.03

1.1

219

-90

0

MOKR2591

43

529995

7582575

930

21.98

23.08

1.1

422

-90

0

MOKR2592

40

530000

7582673

930

19.53

23.43

3.9

372

-90

0

MOKR2593

43

529997

7582774

930

13.93

16.33

2.4

254

-90

0

MOKR2594

49

530060

7582725

930

24.95

26.2

1.25

308

-90

0

MOKR2595

49

530060

7582676

929

16.03

18.58

2.55

243

-90

0

MOKR2595

49

530060

7582676

929

22.83

24.58

1.75

559

-90

0

MOKR2596

43

530059

7582625

929

16.48

19.18

2.7

292

-90

0

MOKR2596

43

530059

7582625

929

21.33

23.93

2.6

588

-90

0

MOKR2597

43

530457

7582624

928

22.35

24.3

1.95

358

-90

0

MOKR2598

40

530556

7582679

928

20.95

22.35

1.4

405

-90

0

MOKR2600

43

530608

7582475

927

24.95

26

1.05

241

-90

0

MOKR2600

43

530608

7582475

927

29.4

30.45

1.05

281

-90

0

MOKR2601

45

530656

7582434

926

8.8

10.35

1.55

236

-90

0

MOKR2601

45

530656

7582434

926

34.5

36

1.5

311

-90

0

MOKR2602

45

530657

7582483

926

25.5

26.85

1.35

624

-90

0

MOKR2603

42

530658

7582534

927

24.4

26.3

1.9

798

-90

0

MOKR2604

38

530659

7582584

927

23.15

25.05

1.9

424

-90

0

MOKR2604

38

530659

7582584

927

26.05

27.1

1.05

295

-90

0

SERC0358

68

527211

7577631

948

51.9

54.1

2.2

904

-90

0

SERC0358

68

527211

7577631

948

55.4

56.75

1.35

547

-90

0

SERC0359

72

527265

7577604

948

47.68

49.93

2.25

575

-90

0

SERC0359

72

527265

7577604

948

52.58

53.93

1.35

271

-90

0

SERC0360

69

527263

7577557

948

45.78

47.78

2

482

-90

0

SERC0361

66

527263

7577507

948

51.88

52.98

1.1

457

-90

0

SERC0362

68

527316

7577476

948

49.9

52.55

2.65

530

-90

0

SERC0362

68

527316

7577476

948

53.25

54.25

1

631

-90

0

SERC0362

68

527316

7577476

948

59.5

60.75

1.25

2123

-90

0

SERC0363

68

527316

7577527

947

51.5

52.55

1.05

407

-90

0

SERC0363

68

527316

7577527

947

58.1

59.25

1.15

224

-90

0

SERC0364

69

527317

7577577

947

50.6

53.85

3.25

2386

-90

0

SERC0365

66

527365

7577452

948

48.2

50.6

2.4

473

-90

0

SERC0366

66

527363

7577551

947

47.7

49.45

1.75

395

-90

0

SERC0367

69

527413

7577427

948

49.8

51.75

1.95

434

-90

0

SERC0369

84

526013

7576329

956

72.8

73.8

1

742

-90

0

SERC0370

82

525967

7576353

956

62.9

63.95

1.05

377

-90

0

SERC0370

82

525967

7576353

956

68.15

69.3

1.15

933

-90

0

SERC0371

84

525965

7576253

956

62.75

63.85

1.1

477

-90

0

SERC0371

84

525965

7576253

956

71.45

73.8

2.35

348

-90

0

SERC0372

84

525915

7576276

957

69.95

72.15

2.2

353

-90

0

UTM is ARC 1950 zone 35S - *all intervals are reported above 200ppm eU3O8 with a maximum internal dilution of 0.5m.

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

Page 5 of 11

Table 2 JORC Checklist of Assessment and Reporting Criteria

Section 1 Sampling Techniques and Data

(Criteria in the section apply to all succeeding sections.)

Criteria

JORC Code Explanation

Commentary

Sampling techniques

 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

 Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

 Aspects of the determination of mineralisation that are Material to the Public Report. In cases where

'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

 The primary method of grade determination was through gamma logging for equivalent uranium (eU3O8) using an Auslog natural gamma sonde equipped with a Sodium Iodide crystal. The sonde used for the data collection was calibrated in the Adelaide Models in May of 2014 and calibration factors were obtained using the polynomial method by 3D Exploration (Pty) Ltd. Checks using a gamma source of known activity are performed prior to logging at each hole to determine crystal integrity. Readings were obtained at 5cm intervals downhole

 Chemical assays have previously been used to check for correlation with gamma probe grades, disequilibrium is not considered an issue for the project. Industry standard QAQC measures such as certified reference material, blanks and repeat assays were used.

 Reverse circulation (RC) chips were collected at

1m intervals over the mineralised zone. The chips were collected into plastic sample bags from a cyclone to ensure maximum recovery. The samples were split using a standard riffler to around 0.25 to 0.5 kg per sample and have been

sent to an accredited laboratory. These results are pending for this program

Drilling

techniques

 Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of Diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).

Diamond coring PQ3 diameter 12 holes

 Percussion 51/2 inch Reverse Circulation 70 holes

 No physical samples were used for the announced results.

 100% of samples used in the exploration results were obtained using radiometric gamma logging equipment.

Drill

sample recovery

 Method of recording and assessing core and chip sample recoveries and results assessed.

 Measures taken to maximise sample recovery and ensure representative nature of the samples.

 Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/course material.

 Core recoveries were monitored and were generally good (>95%).

 RC recoveries were monitored by weighing each

1m sample interval but are considered immaterial

to the resource estimation process as no physical samples were used for the exploration results.

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

Page 6 of 11

Logging

 Whether core and chip samples have been geologically and

geotechnically logged to a level of details to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

 Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

 The total length and percentage of the relevant intersections logged.

 For gamma logging, see sampling techniques above.

Sub-

sampling techniques and sample preparation

 If core, whether cut if sawn and whether quarter, half or all core taken.

 If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

 For all sample types, the nature, quality and appropriateness of the sample preparation technique.

 Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

 Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

 Whether sample sizes are appropriate to the grain size of the material being sampled.

 No sub sampling was undertaken, as all results reported are derived downhole gamma responses. Gamma responses are derived from the insitu material surrounding the hole drilled.

Quality of

assay data and laboratory tests

 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

 For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

 Nature of quality control procedures adopted (e.g. standards, blanks, duplicated, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

 Calibration and control hole logging was done on a routine basis for gamma probe grades and a representative set of re-logging has also been undertaken.

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

Page 7 of 11

Verification

of sampling and assaying

 The verification of significant intersections by either independent

or alternative company personnel.

 The use of twinned holes.

 Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

 Discuss any adjustment to assay data.

 Significant intersections were reviewed internally.

 Data entry procedures are well established and data is held in an Aquire database.

Location of

data points

 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

 Specification of the grid system used.

 Quality and adequacy of topographic control.

 Collar positions were located using a handheld

GPS and surveyed after drilling using a differential

GPS.

Data

spacing and distribution

 Data spacing for reporting of

Exploration Results.

 Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the

Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

 Whether sample compositing has been applied.

 The drilling for geostatistical analysis was completed by drill holes spaced 20m apart. This will indicated mine scale variability.

Orientation

of data in relation to geological structure

 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

 If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

 All drill holes are vertical. The mineralisation is generally flat, with 1-3 deg dip most common.

Sample security

 The measures taken to ensure sample security.

 All data used to prepare the exploration results were radiometric gamma log data.

 Appropriate measures were taken to ensure sample security of the chemical samples used for QAQC purposes.

Audits or

reviews

 The results of any audits or reviews of sampling techniques and data.

 Audits and reviews on sampling and assaying are not relevant as no physical samples or assays were used in the results being released.

 Gamma data and data calculations to eU3O8 was carried out under the guidance of David Wilson from 3D Exploration (Pty) Ltd. 3D Exploration (Pty) Ltd

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

Page 8 of 11

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code Explanation

Commentary

Mineral

tenement and land tenure status

 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites,

wilderness or national park and environmental settings.

 The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

 PL45 is granted and expires

June 30th 2015

Exploration done by other

parties

 Acknowledge and appraisal of exploration by other parties.

 Not material for primary deposit.

Geology

 Deposit type, geological setting and style of mineralisation.

 Geologically, the Letlhakane uranium mineralisation is hosted within shallow, flat lying sedimentary rocks of the Karoo Super Group. These Permian to Jurassic aged sediments were deposited in a shallow, broad, westerly dipping basin, generated during rifting of the African continent. The source area for the sediments was the extensively weathered, uranium-bearing, metamorphic rocks of the Archaean Zimbabwe Craton which outcrop in the eastern portion of our license. The sandstone hosted mineralisation has roll front characteristics, where the uranium was precipitated at redox boundaries. Three ore types have been identified; Primary Ore, Secondary Ore and Oxide Ore. The most abundant is the Primary ore.

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

Page 9 of 11

Drill hole

information

 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes

Easting and northing of the drill hole collar

Elevation of RL (Reduced Level -

elevation above sea level in metres) of

the drill hole collar

Dip and azimuth of the hole

Down hole length and interception depth

Hole length

 If the exclusion of this information is justified on the basis that the information is not

Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why

this is the case.

 See Table 1

Data

aggregation methods

 In reporting Exploration Results, weighing averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

 Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in details.

 The assumptions used for any reporting of metal equivalent values should be clearly stated.

 A deconvolution filter designed for the crystal length in the sonde is applied to the downhole gamma

data.

 Data is composited by weighted averse where the grade will be a minimum of

200ppm over a minimum of

1m. It also for allows a maximum of 1m internal dilution.

Relationship

between mineralisation widths and intercept lengths

 These relationships are particularly important in the reporting of Exploration Results.

 If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

 If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

 Due to the flat nature of the deposit, intersections can be determined as true width as the difference of dip will fall within the fluctuations of mineralised thicknesses between holes.

Diagrams

 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

 Infill Drilling no map applicable.

Balanced

reporting

 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration

Results.

 All intersection over 200ppm U3O8 have been included in Appendices

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

Page 10 of 11

Other

substantive exploration data

 Other exploration data, if meaningful and material, should be reported including (but not limited to): Geological observations; geophysical survey results; geochemical

survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

 No further information meaningful due to mine- scale drilling.

 All drilling falls within a previously announced inferred resource.

Further work

 The nature and scale of planned further work (e.g. tests for lateral extensions of depth extensions or large-scale step-out drilling).

 Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Further work will include further

infill drilling to take inferred resources to indicated and measured.

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

Page 11 of 11

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Australia | Botswana | South Africa | Zimbabwe | All
Gold and Silver Prices for these countries : Australia | Botswana | South Africa | Zimbabwe | All

A-Cap Resources Limited

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CODE : ACB.AX
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A-Cap Resources is a coal and uranium exploration company based in Australia.

Its main asset in development is LETLHAKANE in Botswana and its main exploration property is MOKOBAESI in Botswana.

A-Cap Resources is listed in Australia. Its market capitalisation is AU$ 78.5 millions as of today (US$ 56.6 millions, € 49.6 millions).

Its stock quote reached its highest recent level on January 21, 2011 at AU$ 0.75, and its lowest recent point on March 27, 2020 at AU$ 0.01.

A-Cap Resources has 871 880 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
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Corporate news of A-Cap Resources Limited
8/1/2016Appendix 3B – New issue announcement
7/12/2016Trading Halt
7/6/2016Convertible Note Agreement
5/18/2016Approval of Letlhakane Environmental Impact Statement
4/29/2016Quarterly Activities Report & App 5B Mar-16
4/26/2016Appendix 3B: New issue announcement
2/1/2016Quarterly Report & Appendix 5B
2/1/2016Expiry of Unlisted Options
12/17/2015Expiry of unlisted options
11/2/2015Quarterly Report & Appendix 5B – September 2015
10/16/2015Expiry of Unlisted Options
10/16/2015Annual Report 2015
9/14/2015Mining Licence Submission & Technical Study Outcomes
9/1/2015A-Cap Change of Address and Contact Details
8/12/2015June 2015 Quarterly Report & Appendix 5B
7/8/2015Company Secretary Appointment and Resignation
7/7/2015Changes to the Board of Directors
6/16/201511.06.2015 – Resignation of Director
6/10/201503.06.2015 – Form 604 Change of Interests of Substantial Sha...
4/1/2015Despatch of Prospectus and Entitlement Forms to Eligible Sec...
3/26/2015Half Year Report 31 December 2015
3/26/2015Despatch of Notice to Eligible Security Holders
3/26/2015Expiry of Unlisted Options
3/26/2015Prospectus for a Non Renounceable Rights Issue
3/10/2015Delay in Non-Renounceable Rights Issue Documentation
2/27/2015Non-Renounceable Rights Issue to Raise $4 million
2/2/2015December 2014 Quarterly Report and Appendix 5B
12/15/2014High Grade Uranium Mineralisation
12/9/2014JORC Compliant Coal Resource at Foley
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