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Vimy Resources Ltd.
Summary
| Project: | Mulga Rock | |
|---|---|---|
| Deposit: | Mulga Rock | |
| Location: | Australia | |
| Commodities: | Uranium | |
| Date: | 7/12/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 12-7-2017: Vimy Resources Ltd. announces a Resource Estimation report for its Mulga Rock deposit at the Mulga Rock project. Mineral resource estimate at Mulga Rock increased by 30%. Vimy Resources Limited (“Vimy” ASX: VMY) is pleased to announce the resul | |
| Resources: | (Resource, Total): 71.2Mt @ 570ppm U3O8 for 90.1Mlbs U3O8 contained at project | |
| 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 at its Mulga Rock Project (MRP). This update relates to the entire Mulga Rock Project as a result of recent infill drilling completed in 4Q 2016. The new global Mineral Resource has increased by 17% to 71.2Mt at 570ppm U3O8 for 90.1Mlbs U3O8 compared to the November 2016 estimate of 76.8Mlb U3O8. Significantly, the new resource includes 45.4Mlbs U3O8 of Measured and Indicated material and it is expected that most of this material will be converted to Proven and Probable Reserves at the completion of the Definitive Feasibility Study (DFS). The Mulga Rock East mining centre, comprising the Princess and Ambassador deposits, will feed the process plant for the first 13 years of production. The Mineral Resource at Mulga Rock East has increased by 30% for a total of 56.4Mlb U3O8 at 670ppm U3O8 compared to the November 2016 estimate. Higher grade zones within Ambassador comprise 25Mlb at 0.15% (1,500ppm) U3O8. In mining studies currently underway, it is evident that early mining of much of this high-grade zone will provide significantly improved economics, compared to the PFS, released 16 November 2015, and underpin the initial project payback period. Managing Director, Mike Young said, “This resource upgrade highlights the world class scale and economic development potential of the Mulga Rock Project. “A 30% increase in uranium metal, and definition of the higher grade zone is a great result by the Vimy team, and will lead to a significant improvement in our operating costs in the Definitive Feasibility Study currently underway. “Vimy is a compelling investment case in any uranium market, and therefore provides maximum leverage to uranium price.” | |
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