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Vimy Resources Ltd.
Summary
| Project: | Mulga Rock | |
|---|---|---|
| Deposit: | Ambassador East | |
| Location: | Australia | |
| Commodities: | Uranium | |
| Date: | 5/25/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 25-5-2017: Vimy Resources Ltd. announces a Resource Estimation report for its Ambassador East deposit at the Mulga Rock project. Mineral resource update for Ambassador east. New drill results incl. 7.5m @ 2598ppm U3O8 from 43.5m. Vimy Resources Limited (“ | |
| Resources: | (Resource, Total): 67.9Mt @ 525ppm U3O8 for 78.5Mlb U3O8 contained at Mulga Rock | |
| CP/QP: | [Resources]: Ingvar Kirchner (AMC Consultants Pty Ltd.) | |
| ABSTRACT: | Vimy Resources Limited (“Vimy” ASX: VMY) is pleased to announce the results from a Mineral Resource update on the Ambassador deposit at its Mulga Rock Project (MRP). This update relates to the Ambassador East deposit where recent drilling was completed in 4Q 2016, and is part of a larger resource update of the entire Mulga Rock Project which is due for release in June 2016. During the course of the ongoing Definitive Feasibility Study (DFS) two open pits were excavated on the Ambassador deposit from which 75 dry tonnes of ore was excavated (see ASX Announcement “Mulga Rock Test Pit Bulk Sample Result” 14 June 2016). The assessment of the material from the test pits confirmed that the contained U3O8 in the excavated material was 53% higher than expected from the resource model. The announcement forecast that further drilling, called ‘Optimisation Drilling’, would be conducted which was carried out in 4Q 2016. Ambassador East will provide ROM Feed for the first years of production. Significantly, there has been a 92% conversion from Indicated to Measured Status. The MRE geological modelling, variography, and grade estimation was carried out in-house and validated by AMC Consultants. A full description of methodologies and assumptions are provided in the appended JORC Code, Table 1. Managing Director, Mike Young said, “This resource upgrade is very positive for us, but more importantly, the lessons we’ve learned and applied to our models will result in very improved economics in the DFS. Instead of talking about forward demand for uranium, we’ll be able to compete in today’s market. “In a nutshell, these results have changed our paradigm from a wannabe to a gonna-be.” | |
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