Dear shareholders,
I am pleased to provide you with an update on the latest developments and advancements at each of our four exciting prospects in Botswana.
At our Serule Uranium Project, we completed eight RC holes in April, bringing the total to 1062m of drilling completed. Seven of the eight RC holes contained uranium mineralisation, some with strong findings, with the eighth hole having to be abandoned before reaching its target depth. The success of this initial phase of drilling provides significant encouragement around the potential of our Serule project.
Samples remain in storage and will undergo analysis following our planned IPO. These drilling efforts further reinforce our geological model, confirming the extension of uranium mineralisation from Lotus Resources’ (ASX: LOT) neighbouring 118 Mlb U3O8 Letlhakane deposit onto Ilala’s ground.
At our Central Copper Project, a 670 line-kilometre extension to the 2023 ground magnetic survey commenced on 8 May 2024. This expanded survey will cover the full extent of the highly prospective ‘dome’ target, with the objective of identifying structural targets that will advance our exploration efforts.
This will bring us closer to the drill-testing phase on this prime Kalahari Copper Belt (KCB) location, less than 10km from Khoemacau’s Zone 9 discovery and within the same corridor as their cluster of deposits totalling 166Mt @ 1.9% Cu.
The acquisition of Khoemacau by MMG in 2023 for US$1.9 billion underscores the quality of this permit and the strategic significance of our endeavours in this region.
We completed a 120 line-kilometre ground radiometric survey at our Foley Uranium Project during May. This survey was designed to identify potential uranium occurrences within the same geological formations as those found at the Letlhakane deposit, 30km to the south.
These efforts are integral to our commitment to further identify and delineate high-potential uranium prospects within our portfolio.
We have also acquired historical data pertaining to our Ngamiland Uranium Project, which revealed shallow uranium mineralisation in sediments in ‘hole C1’ drilled in 1970s. Two uranium intervals, with concentrations of up to 396ppm, were identified but have not been followed up, despite recommendations by consultants who advised subsequent explorers. This presents an obvious target for Ilala.
Whilst we maintain our focus on exploration at our flagship uranium and copper projects in Botswana, our team continues to finalise the Ilala Metals IPO Prospectus with an intended lodgement date of 30 May 2024. Ilala will be active in its IPO roadshows across Australia during June 2024 aiming to be admitted to the Official List of the ASX in July 2024.
These activities reaffirm our commitment to diligent exploration and strategic decision-making, aimed at maximising shareholder value. We look forward to updating you on further progress in the near future.
Yours sincerely,
Richard Henning
Managing Director
