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Kalahari Minerals says recent drilling has identified ‘significant uranium intersections’ at Rossing South in Namibia.

Headed by entrepreneur Mark Hohnen, AIM-quoted Kalahari holds 39.1 per cent of Down Under-listed Extract Resources, which owns 100 per cent of Rossing South, in the region of major mining group Rio Tinto’s Rossing Uranium project. Latest drilling results from Rossing South show 167 metres at 229 parts per million of U308, 40 metres at 607 parts per million and 19 metres at 2,139 parts per million.

Kalahari also owns 90 per cent of the promising Namib lead and zinc project, while Extract, trading at around the equivalent of 60p in Australia, is actively involved in the promising Husab uranium project, also in Namibia. Floated at 15p two years ago and recommended by Growth Company Investor at 28p last year, Kalahari shares now stand at 38p, valuing the company at £62 million.

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