Project Update

 

TIDMLMY 
 
RNS Number : 8424Q 
Lithic Metals and Energy Limited 
21 April 2009 
 

Lithic Metals and Energy 
("Lithic" or "the Company") 
 
 
High Grade Uranium Values from Katoba and Mukwisi Prospects, Zambia 
 
 
Lithic Metals and Energy (AIM:LMY) today announces results from first-pass 
sampling at the newly discovered Katoba and Mukwisi prospects (MPU33 and MPU34 
targets), within its uranium joint venture licences, Zambia. 
 
 
Highlights 
 
 
Three new uranium target areas confirmed: 
 
Katoba trenching: 
  *  3m @ 3252ppm U3O8 (maximum 5715ppm U3O8) 
  *  20m @ 411ppm U3O8 (maximum 1405ppm U3O8) 
 
Mukwisi MPU33: 
  *  Trenching to 4m @ 524ppm U3O8 
 
Mukwisi MPU34: 
  *  Rock chips to 527ppm U3O8 
 
 
 
Katoba Prospect 
The Katoba prospect is located within the Mpande licence area, approximately 45 
kilometres south east of the capital city Lusaka. 
 
 
Identified by airborne geophysical surveys, the Katoba prospect was initially 
inspected by Lithic geologists in late 2008, immediately prior to the on-set of 
the wet season. Exploration undertaken at that time comprised limited first-pass 
geological mapping and spectrometry programmes together with shallow trenching 
over peak uranium spectrometry values. 
 
 
A small batch of samples were collected from trenches with higher uranium 
spectrometry values and despatched for analysis, with significant results as 
follows: 
 
 
+---------------+------------------------------------------------------------+ 
| Trench 1:     | 3m @ 249ppm U3O8                                           | 
+---------------+------------------------------------------------------------+ 
| Trench 2:     | 1m @ 362ppm U3O8                                           | 
+---------------+------------------------------------------------------------+ 
| Trench 2:     | 1m @ 773ppm U3O8                                           | 
+---------------+------------------------------------------------------------+ 
| Trench 2:     | 2m @ 250ppm U3O8                                           | 
+---------------+------------------------------------------------------------+ 
| Trench 2:     | 7m @ 1466ppm U3O8 (including 3m @ 3252ppm U3O8)            | 
+---------------+------------------------------------------------------------+ 
| Trench 4:     | 20m @ 411ppm U3O8  (maximum 1405ppm U3O8)                  | 
+---------------+------------------------------------------------------------+ 
| Trench 7:     | 4m @ 187ppm U3O8                                           | 
+---------------+------------------------------------------------------------+ 
| Trench 7:     | 1m @ 113ppm U3O8                                           | 
+---------------+------------------------------------------------------------+ 
 
 
Trenching exposed numerous pegmatite dykes that also outcrop within a 500m x 
500m area. Uranium mineralisation appears to be related to a dense, crystalline 
mineral thought to be davidite, that occurs within pegmatite and associated 
quartz veins, as well as in surface soils as a residual lag. 
 
 
 Mukwisi River Targets 
The Mukwisi targets, located within the Mpande licence area 25 kilometres south 
west of Katoba, comprise several distinct uranium radiometric anomalies, the two 
largest of which were mapped and sampled. 
 
 
MPU33 
Initial reconnaissance of the MPU33 target in late 2008 encountered a pegmatite 
dyke up to 15 metres wide and visible over a strike length of 400m. Ground 
spectrometry confirmed a strong uranium anomaly coincident with the pegmatite 
and the presence of a crystalline, uraniferous mineral thought to be davidite. 
 
 
Due to time constraints, only two areas were selectively channel sampled to 
provide geochemical information on uranium values within the pegmatite. Care was 
taken not to sample massive davidite mineralisation. 
 
 
Significant values from the sampling of pegmatite included: 
4m @ 524ppm U3O8 
1m @ 616ppm U3O8 
1m @ 127ppm U3O8 
2m @ 214ppm U3O8 
 
 
MPU34 
Located adjacent to MPU33, MPU34 is a carbonate unit up to 40 metres wide, 
outcropping over 200 metres in strike length. 
A total of 52 reconnaissance rock chips were collected over the target area, 
with significant assay results including: 
527ppm U3O8 
486ppm U3O8 
387ppm U3O8 
370ppm U3O8 
280ppm U3O8 etc. 
 
 
Commenting on these results, Lithic Managing Director Jim Kerr stated "These 
results confirm our belief in the prospectivity of our Zambian joint venture 
properties. Whilst this is early stage exploration, the confirmed presence of 
uranium at surface and over significant areas is very encouraging." 
 
 
For more detailed information, please visit our website www.lithicme.com 
 
 
Or contact 
+-----------------------------------------------+-----------------------+ 
| Jim Kerr, Lithic Metals & Energy              | Tel: [phone]  | 
+-----------------------------------------------+-----------------------+ 
| David Youngman, WH Ireland Limited            | Tel: [phone]   | 
|                                               | 2714                  | 
+-----------------------------------------------+-----------------------+ 
| Laurence Read / Beth Harris, Threadneedle     | Tel: [phone]   | 
| Communications                                | 9850                  | 
+-----------------------------------------------+-----------------------+ 
 
 
 
 
Uranium Rights Joint Venture 
Lithic Metals and Energy entered into a joint venture with Zambezi Resources 
(AIM/ASX: ZRL) in May 2008, under which Lithic Minerals and Energy has the right 
to earn 51% of the uranium rights over 6800km² of four granted exploration 
licences (Chumbwe, Mpande, Mulungushi and Rufunsa) by spending US$5 million over 
2.5 years. 
With respect to the four exploration licences Lithic can increase its uranium 
rights in the Chumbwe licence to 75% by completing a definitive feasibility 
study over the Oryx prospect. It can also increase its uranium rights to 75% 
over the other three licences by completing a definitive feasibility study (DFS) 
on any one uranium resource. 
Lithic can move to 100% by sole funding mine development after completion of a 
DFS, assuming Zambezi Resources elects not to contribute. 
 
 
 
 
The information in this report that relates to Exploration Results is based on 
information compiled by Managing Director Jim Kerr (BSc Geol, MSc Min Econ, 
MSEG). Mr Kerr, a full-time employee of Lithic Metals and Energy is a Member of 
the Australasian Institute of Mining and Metallurgy and is a Competent Person as 
defined in the Australasian Code for Reporting of Exploration Results, Mineral 
Resources and Ore Reserves. Mr Kerr consents to the circulation and inclusion in 
the report of the matters based on the information in the form and context in 
which it appears. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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