Namibia-focused Kalahari Minerals has received encouraging drilling results from its copper prospects and 'significant' uranium assays.

AIM-listed Kalahari, which raised £6 million at 15p at last year's flotation, still has £4.3 million left — and attributes a £12 million value to its 36.4 per cent stake in Aussie-listed uranium prospector Extract Resources. RAB Capital has a significant stake in Kalahari, whose Witvlei prospect has yielded high-grade intersections, including five metres at 3.66 per cent copper and 21 metres at 1.45 per cent copper.

Intersections at Koperberg, within the company's other key copper prospect, Dordabis, included 17 metres at 1.58 per cent copper and 27 metres at 1.87 per cent copper. Kalahari has been encouraged by early drilling results at the RK prospect, 1.5 km south-east of Koperberg.

In March, Kalahari bought 90 per cent of the Namib lead/zinc project, a former mine with surface tailings and underground reserves of 1.65 million tonnes with 5.7 per cent zinc, 1.6 per cent lead and 40.2 grammes of silver per tonne of ore. Extract Resources has several uranium prospecting licences. Chief among them is Husab, between Rio Tinto's Rossing mine and Langer Heydrich development, and it reports 'excellent results' from definition drilling within the licence area.

Kalahari's shares reached 31.25p in July, but are now 22.25p, up 0.75p today and valuing the company at £24.2 million. They could still repay a high-risk punt.

Growth Company Investor is the UK’s leading authority on small-cap and AIM companies. You can gain immediate access to all the recent share recommendations with no-obligation, with a free 30-day trial. Click here to join today.