Energy Ventures holds a 3.7% interest in the ASX listed African Energy Resources (ASX:AFR) which is focussed on identifying and developing energy projects in southern Africa.
African Energy holds a quality portfolio of tenements in Zambia and Botswana, which are both politically stable, mining-friendly democracies. African Energy owns five uranium projects that range from bankable feasibility studies at the Chirundu Project in Zambia, to exploration of large tenement holdings with prospective geology and uranium anomalies defined by airborne radiometric surveys.
During the second quarter of 2010, African Energy announced the discovery of a potentially very large deposit of thermal coal in the north-west part of the Sese project in Botswana. Subsequent resource delineation drilling has identified a seam of near-surface thermal coal over an area of approximately 110km2.
On the basis of the encouraging extent and thickness of in-situ coal intersected in drilling at Sese, the Exploration Target for Sese has been increased to 1.5 to 2.0 billion tonnes of 4,000kcal/kg to 5,000kcal/kg raw coal. This Exploration Target is conceptual in nature and it is uncertain if further exploration will result in the determination of a Mineral Resource. There is currently insufficient data to define a JORC compliant mineral resource for the coal Exploration Target at Sese.
Resource delineation drilling and coal quality analyses are in progress and an initial resource estimate is expected during the June quarter of 2011. Conceptual studies on the development of the Sese coal project have commenced, with results expected to be delivered to the Board by the end of June 2011. Furthermore, African Energy has also committed to collection of a bulk sample of approximately 10,000t of coal via a trial pit.
For more information see the African Energy website at www.africanenergyresources.com.
