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Lotus Resources Ltd.
Summary
| Project: | Kayelekera | |
|---|---|---|
| Deposit: | Kayelekera | |
| Location: | Malawi | |
| Commodities: | Uranium | |
| Date: | 3/26/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 26-3-2020: Lotus Resources Ltd. announces a Resource Estimation report for its Kayelekera deposit at the Kayelekera project. Updated Mineral Resource Estimate for Project. Lotus Resources Limited (LOT, Lotus or the Company) is pleased to announce a 31% in | |
| Resources: | (Resources, Total): 24.6Mt @ 660ppm U3O8 (16.3Mkg U3O8) | |
| CP/QP: | [Resources]: David Princep (Gill Lane Consulting) | |
| ABSTRACT: | Lotus Resources Limited (LOT, Lotus or the Company) is pleased to announce a 31% increase to the Mineral Resource at its Kayelekera Uranium Project in Malawi. Kayelekera’s Total Mineral Resources is now 37.5Mlb of contained U3O8, up from 28.7 Mlb U3O8 previously reported by Lotus (refer ASX announcement 24 June 2019). Lotus completed the acquisition of Kayelekera from Paladin Energy earlier this month. The March 2020 Mineral Resource Estimate update of 37.5Mlb U3O8 (27.1Mt @ 630 ppm U3O8 – refer Table 1) represents a 31% increase on the reported global metal content to the previous Mineral Resource of 28.7 Mlb U3O8 (18.9Mt @ 700ppm U3O8) stated by Lotus on 24 June 2019. The primary driver for the resource increase is the identification and inclusion of a previously unmodelled high-grade basal arkose unit beneath the pit, and inclusion of existing Run of Mine (‘RoM’) and low-grade stockpiles created while Kayelekera was in production from 2009 to 2014. The stockpiles have already been mined and sit near the processing plant. The updated Mineral Resource utilised the same modelling techniques as the previous estimate and will form the basis for future mining studies at Kayelekera. These studies will focus on cost improvements of mining and processing, including the potential use of beneficiation and sorting techniques. | |
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