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Vimy Resources Ltd.
Summary
| Project: | Mulga Rock | |
|---|---|---|
| Deposit: | Mulga Rock | |
| Location: | Australia | |
| Commodities: | Uranium | |
| Date: | 11/16/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 16-11-2016: Vimy Resources Ltd. announces a Resource Estimation report for its Mulga Rock deposit at the Mulga Rock project. Updated ore reserves for the project. Vimy Resources Limited (ASX:VMY) (Vimy) is pleased to announce an updated Probable Ore Reser | |
| Resources: | (Reserve, Prob): 18.7Mt @ 755ppm U3O8 for 31.2Mlb U3O8 contained at the project | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Vimy Resources Limited (ASX:VMY) (Vimy) is pleased to announce an updated Probable Ore Reserve comprising 18.7Mt at 755ppm U3O8 for a total metal content of 31.2Mlb (14,150t) of U3O8 at its 100% owned Mulga Rock Project, Western Australia. This Ore Reserve is derived from Mineral Resources of 67.8Mt at 510ppm for total contained metal content of 76.8Mlbs U3O8, as reported to the ASX on 8 November 2016. SRK Consulting (SRK) generated pit designs for Ambassador, Princess and Shogun using parameters defined in the Maiden Ore Reserve (ASX announcement 30 March 2016) and updated mining costs and geotechnical parameters from DFS work completed to-date. The pit designs contain 87% of Probable Ore Reserves within the first 10 years of the mine life. Probable Ore Reserves now underpin 9 years of production based on the pit designs. The Company advises that the pit designs are based on all Mineral Resources and so contain a proportion of Inferred Mineral Resources. There is a lower level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources, or that production derived from Inferred Mineral Resources will be met. However, the Inferred Resource does not have a material effect on the viability of the project and does not contribute signigicantly to the early mine schedule. Vimy’s CEO, Mike Young, commented: “The Probable Ore Reserve Update for Mulga Rock will now form the foundation of the DFS mine schedule and mining engineering studies. It is a major milestone, one of many to come as we head toward completing the Definitive Feasibility Study. It also provides for a significant minelife allowing Vimy to continue discussions for product offtake and project financing.“ | |
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