Kangaluwi Copper Project Update

    RNS Number : 6930B
  Zambezi Resources Ltd
  20 August 2008
   

    20 August  2008                        
    Zambezi Resources Limited  

    Kangaluwi Copper Project Update

    *     First systematic drilling at the Chisawa Prospect of the 100% owned Kangaluwi Copper Project returns significant drill results 

    *     RC drilling returns substantial mineralised widths and grades from surface including: 14m at 1.52% copper, 12m at 1.36% copper,
and 10m at 1.23% copper

    *     Mineralisation remains open along strike and at depth

    *     75% of the estimated total prospective strike length of the greater Kangaluwi project remains to be drill tested

    Zambezi Resources Limited ("Zambezi" or the "Company") (AIM: ZRL; ASX:ZRL) today announces progress on its 100% owned Kangaluwi Copper
Project. 

    The 2008 drilling campaign has been underway since May with up to 6 rigs on site and to date, approximately 26,000 meters of drilling
has been completed so far this season. Further encouragement has been received from the first systematic RC drilling ever conducted at the
Chisawa Prospect, which is located 2.5km to the south east of Zambezi's flagship Kangaluwi Prospect.

    New RC drillhole intercepts from Chisawa include: 14m at 1.52% copper, 12m at 1.36% copper, 10m at 1.23% copper, and 14m at 0.65% (Table
1). Further assays are awaited to confirm strong zones of visual mineralisation observed in drilling. The mineralised zone remains open down
dip and along strike to the east and west. 

    Mineralisation at Chisawa consists of chalcopyrite, bornite, malachite, azurite and secondary chrysocolla in the oxide zone. The host
sequence consists of sheared metasediments, metavolcanics and a late stage, conformable coarse grained felsic pegmatite. Mineralisation is
hosted within strongly foliated garnet-quartz-biotite-muscovite schist and feldspar-quartz-muscovite-kyanite pegmatite. Mineralisation dips
moderately to the south west at approximately 30-40o and occurs within the sheared southern limb of an overturned ESE-plunging regional
synformal fold.

    Initial drilling at Chisawa targeted surface malachite mineralisation coincident with a >250ppm copper in soils geochemical anomaly over
a north west - south east trending strike length of 7.2km. The significant results reported here come from the core of this anomaly which
consists of a 3.1km strike length at >1000ppm copper in soils. The soil geochemistry conforms to a mapped and interpreted lithological and
structural corridor. A strong correlation between the >1000ppm Cu contour and higher grade copper mineralisation is evident in the RC
drilling. Drill testing of this zone to date is via widely spaced drill sections with a nominal distance between sections of 200-400m. 

    The greater Kangaluwi project covers in excess of 28km of strike length and detailed drilling has tested only approximately 3.5km strike
length to date at Kangaluwi. At the neighbouring Chisawa prospect, drilling has sparsely tested only approximately 3.5km strike length. 75%
of the estimated total prospective strike length of the greater Kangaluwi project remains to be drill tested.

    Commenting on the announcement, Julian Ford, Managing Director of Zambezi Resources, said: "These excellent drill results from Chisawa
over a 2km strike length confirm our opinion that the Kangaluwi Copper Project has the potential to develop as a world-class copper asset
and a company-making project. The first two project areas we have tested namely Kangaluwi and Chisawa have both shown consistent
mineralisation widths and grades at a favourable 30 to 40 degree angle of dip, with mineralisation starting at surface and defined down to a
depth of at least 200 metres. We now have drill road access into most of the remaining priority target areas contained within the total
strike length of 28km. To date only 25% of the surface-defined geochemical anomaly has been drill tested."


       Table 1: Kangaluwi Copper Project, Chisawa Prospect - RC Drilling Assay Results 
           Drillhole                            Coordinates                         Collar                 Dip                   Azi        
         Total                  From                   To                 Interval         Cu
                                                                                  Elevation                                                 
         Depth                  (m)                   (m)                  Width          (%)
                                                                                                                                            
          (m)                                                               (m)
                                          E                     N
 CHSRC0015*                                  788050.0             8287724.6                 688.8                   -50                
354.5                   100                    15                    21                     6  0.90
 CHSRC0016*                                  788659.4             8287281.8                 687.1                   -50                
354.5                   100                    12                    42                    30  1.20
 CHSRC0017*                                  788560.5             8287399.4                 683.4                   -50                
354.5                   100                    18                    28                    10  0.81
 CHSRC0020                                     787484               8288032                   691                   -50                 
32.5                   151                   126                   132                     6  0.86
 CHSRC0022                                   788890.7             8286748.1                 680.6                   -50                 
36.5                   168                    16                    30                    14  0.65
 CHSRC0023                                     788846               8286674                   675                   -50                 
36.5                   180                    64                    74                    10  1.23
 CHSRC0024                                     788785               8286595                   676                   -50                 
36.5                   187                   122                   134                    12  1.36
 CHSRC0027                                     788590               8286843                   689                   -50                 
79.5                   220                   178                   192                    14  0.88
 CHSRC0028                                     788650               8287066                   649                   -50                 
79.5                   114                    85                    99                    14  1.52
 CHSRC0030                                     787699               8287998                   703                   -50                 
36.5                   150                    48                    66                    18  1.30
 CHSRC0036                                     788541               8287110                   668                   -50                   
37                   155                   128                   133                     5  1.19
 Coordinate system ARC50 UTM Zone 35S.  Mineralised intervals calculated on basis of lower cutoff of 0.3%Cu, minimum mineralised interval of
0.5m, maximum consecutive internal waste of 2m.  Mineralised intervals * 3m% copper reported
 in table.  Mineralisation dipping to south at approximately 35�.  Mineralised widths reported on downhole basis, true width approximately
downhole width x 0.98.  Azimuths reported on ARC 1950 grid.  UTM grid north = 354.5� magnetic. 
 CHSRC prefix denotes RC drillhole. * Results for these holes were announced on 7 Dec 2006, but are reported here based on the current
cutoff and width parameters as defined above. 

    Downloads available from the Zambezi website at: www.zambeziresources.com 



    For more information contact:  

 Julian Ford, Managing Director   Jeremy Wrathall, Non-Executive Director 
 Zambezi Resources (Australia)    Zambezi Resources (London) 
 +61 (08) 9216 9000               Mob: +44 7712 776 100
 +61 (0) 418 949 580

 Fiona Owen                       Simon Edwards / Adam Lloyd 
 Grant Thornton UK LLP            Evolution Securities Ltd
 +44 20 7383 5100                 + 44 20 7071 4300

 Nicholas Read / Kate Bell        Laurence Read / Graham Herring 
 Read Corporate                   Threadneedle Communications
 +61 (08) 9388 1474               +44 20 7653 9855
 +61 (0) 419 929 046  


    ADDITIONAL INFORMATION
    Zambezi is listed on London's AIM market and the Australian Securities Exchange (ASX & AIM Ticker: ZRL) and currently has two main
projects, Cheowa and Kangaluwi.  Zambezi is one of Africa's most active exploration companies with a large, in-house, exploration execution
capacity. The company is focused on discovering and developing large Copper-Gold projects in southern Zambia. At Kangaluwi, which is 100%
owned, Zambezi is conducting extensive exploration drilling, as the company believes that the Kangaluwi project has the potential to be a
world class open pit copper deposit.  The 2007 drilling campaign initially focused on 3km of strike length at Kangaluwi, which was later
narrowed down to an 800m section drilled to a 50m by 50m pattern. The company chose to intensively drill a small area in order to evaluate
the possible economic potential of the mineralisation. Due to the encouraging results from this drilling the company has decided that the
mineralisation has sufficient potential to justify a much more extensive drilling program at Kangaluwi and on the remaining five zones identified. The company also has entered into two Uranium Joint
Ventures on approximately 50% of its tenement area, one with Rio Tinto and the other with Lithic Metals and Energy.  


    The information in this report that relates to Exploration Results is based on information compiled by Exploration Director Geoffrey
Johnson BSc (Hons), PhD, Grad Dip Env Sc. and General Manager Exploration Mr Jay Klopper BSc (Hons). Dr Johnson is a full-time employee of
Zambezi Resources, and a Fellow of both the Australian Institute of Geoscientists and the Australasian Institute of Mining and Metallurgy.
Mr Klopper is a full-time employee of Zambezi Resources, and a Member of the Australian Institute of Geoscientists. Dr Johnson and Mr
Klopper both have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the
activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Dr Johnson and Mr Klopper both consent to the inclusion in the report of the
matters based on their information in the form and context in which it appears.




        


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