AIMR Aim Res.

    RNS Number : 4180D
  AIM Resources Limited
  15 September 2008
   

    AIM RESOURCES LIMITED 

    15 SEPTEMBER 2008

    MUMBWA PROJECT UPDATE



    Key Points

    *     AIM has completed Phase 3 drill requirements of Mumbwa Joint Venture with BHP Billiton
    *     Assay results to be reported progressively in coming months

    AIM Resources Ltd ("AIM Resources" "the Company") (ASX:AIM, AIM:AIMR) is pleased to announce it has achieved a drilling target of 8,000m
in Phase 3 of the exploration program at the Mumbwa Iron Oxide Copper-Gold Project Joint Venture with BHP Billiton in Zambia.  

    This marks a significant milestone in the Project.

    As announced on 5 August 2008, AIM Resources has signed a term sheet with BHP Billiton on a revised JV agreement. The changes included
AIM Resources' commitment for Phase 3 drilling at the project to be amended from 10,000m to 8,000m.

    The 8,000m drill program has now been completed and sampling and analysis is currently being processed. Results from two holes have
previously been announced, and the results from the remaining holes are pending.

    Upon delivery of assay results from the 8,000m, which will fully complete Phase 3, AIM Resources will then qualify to acquire an
additional 20%, increasing its interest in the JV with BHP Billiton to 70%.

    BHP Billiton retains the right to fully fund the additional drilling and other exploration phases in the Project to increase its
equity.

    While the revised JV agreement is being drafted to include the negotiated changes, and while awaiting the assay results from this
drilling, the parties have agreed to begin implementing the provisions of the term sheet.


    BHP Billiton has not yet elected to commence sole funding the next drilling phase (Phase 3 B) and will not be required to make that
election until AIM Resources has confirmed that Phase 3 has been completed, including provision of assay data for the initial 8,000m. 


    However, BHP Billiton has recently assumed responsibility for drilling operations and is currently mobilising key staff to oversee all
activities associated with drilling, sampling and analysis beyond the 8,000m, until the election can be made.

    Drilling, Sampling, Analysis and Results

    Drilling

    The 8,000m of drilling in Phase 3 of the exploration program has delivered 16 complete holes (as illustrated on a diagram available on
www.aimresources.com.au). 

    Four of these holes did not attain their target depths due to ground conditions and operational difficulties. A decision regarding
whether or not to re-drill these holes will be made in the future. 

    Sampling and Analysis

    Sampling of the drill core is in progress, with over 2,000 samples collected to date and despatched to AH Knight's Alaskan based
laboratory.  

    Samples are initially transported to AH Knight's laboratory in Zambia for preparation by reduction of sample mass through crushing and
sizing. Sample pulps are despatched to AH Knight's facility in Alaska, where final analysis of the samples is undertaken.

    Results

    AIM Resources intends to release results on a monthly basis, as assay results for a complete hole become available. Some delays in the
process have been experienced, however the laboratories involved have made some improvements and the turn around time is now approximately
70 days from despatch from Mumbwa to communication of results.

    Assay results have already been announced for the first two holes drilled (S36-007 and S36-009) (as illustrated in a diagram available
on www.aimresources.com.au), and partial results have now been received for drill hole S36-010. Remaining results to complete the set of
assays for drill hole S36-010 are expected in mid September, and will be announced upon receipt and interpretation.

    Use of NITON XRF Unit

    In conjunction with standard laboratory analysis, a hand held NITON (X-Ray Fluorescence) XRF analyser is now being used in the field to
gain an early indication of copper levels in drill holes. Preliminary work using the NITON XRF analyser has shown a positive correlation
between the field tests and certified laboratory results. While the Company will not be reporting results based on XRF analysis, this tool
is useful during sampling to prioritise intervals and drillholes for analysis.  

    Other field applications include the assessment of core from the bottom of holes to determine if the drillhole should be extended due to
an indication of mineralisation caused by the presence of copper or other indicative elements. In addition, NITON XRF results can assist in
designing drill patterns for infill drilling or deciding on an appropriate site to commence the drill collar.
      

 ATTRIBUTION  The information in this report which relates to Exploration
              Results at the Mumbwa JV Project has been reviewed and approved
              for release by Mr Michael J Robertson, MSc, Pr.Sci.Nat., MSAIMM
              who has 20 years experience in mineral exploration, and who is a
              full-time employee of MSA Geoservices, and has sufficient
              experience in relation to the style of mineralisation and type
              of deposit under consideration to qualify as a Competent Person
              as defined by the "Australasian Code for Reporting of
              Exploration Results, Mineral Resources and Ore Reserves" (The
              JORC Code 2004 Edition) and as a Qualified Person under the AIM
              Rules. Mr Robertson has consented to inclusion of this
              information in the form and context in which it appears. 



    Should you require further information please contact:

    Scott Lowe
    Managing Director 
    Ph: + 61 2 9357 9000

    Fiona Owen
    Grant Thornton UK LLP
    Ph: +44 20 7383 5100


    www.aimresources.com.au

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
MSCGUUPGBUPRUBA

Aim Res. (LSE:AIMR)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Aim Res. (LSE:AIMR)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024