INVESTORS have welcomed news that A-Cap Resources has restarted drilling at its Mokobaesi uranium project and has come across massive sulphides at the Maibele North nickel prospect, both in Botswana, with the company’s share price gaining 9 percent in Thursday morning trade.
In a statement, the company said that a rig would begin drilling at Mokobaesi today, with the program planned for 20,000m of reverse circulation and limited diamond drilling.
The drilling will take place 200m east of the final holes drilled from program one, which was completed in February.
“All holes will be to at least 30m with every 10 holes testing to the base of the Karoo Supergroup, which is approximately 70m in depth,” A-Cap said.
Meantime, A-Cap says it has encountered massive sulphides in four of the six holes drilled at Maibele North.
“The drilling program was designed to test the continuity of previously identified nickel mineralisation by Falconbridge in the 1990s when grades ranged between 2.7 percent and 3.1 percent nickel and copper up to 0.3 percent were intercepted,” A-Cap said.
A-Cap believes there is potential at Maibele North, both down plunge and to the east where the deposit remains open.
The cores from current drilling will be sent for independent assessment and assay results released in the near future.
Further drilling is planned to undertake JORC-compliant resource estimation at Maibele North.
Shares in A-Cap rose 19c to $2.30 in morning trade following the announcement.