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Vimy Resources Ltd.
Summary
| Project: | Mulga Rock | |
|---|---|---|
| Deposit: | Mulga Rock | |
| Location: | Australia | |
| Commodities: | Uranium | |
| Date: | 9/4/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 4-9-2017: Vimy Resources Ltd. announces a Resource Estimation report for its Mulga Rock deposit at the Mulga Rock project. Mineral Resource and Reserve update including Initial proven Reserve estimate. Vimy Resources Limited (ASX:VMY) (Vimy) is pleased to | |
| Resources: | (Reserve, P+P): 22.7Mt @ 845ppm U3O8 for 42.3Mlbs U3O8 contained at project | |
| CP/QP: | [Resources]: Xavier Moreau (Internal) | |
| ABSTRACT: | Vimy Resources Limited (ASX:VMY) (Vimy) is pleased to announce a major Ore Reserve update comprising 22.7Mt at 845ppm U3O8 for a total metal content of 42.3Mlb (19,185t) of U3O8 at its 100% owned Mulga Rock Project. This Ore Reserve is derived from Mineral Resources of 71.2Mt at 570ppm for total contained metal content of 90.1Mlbs U3O8, as reported to the ASX on 12 July 2017. Mining Plus Pty. Ltd. (Mining Plus) provided an independent review of the optimised pit designs for Ambassador, Princess and Shogun using parameters defined in the Ore Reserve update (ASX announcement 16 November 2016) as well as updated mining and processing costs from Definitive Feasibility Study (DFS) work completed to-date. The DFS will be completed and released to the market in the December quarter. The optimised pit designs are based on the entire Mineral Resource. Vimy is satisfied that the proportion of Inferred Mineral Resource is not the determining factor in project viability, and the Inferred Mineral Resource does not feature as a significant proportion early in the mine plan. The contained metal within the optimised pit designs for Princess, Ambassador and Shogun consist of 85% Ore Reserves and more than 90% Ore Reserves in the first ten years of production. In addition to the Ore Reserves, there is 7.3Mlbs from 6.5Mt at 505ppm U3O8 of inferred resource inside the optimised pit designs. The Emperor pit forms part of the ongoing DFS, but does not contain any Ore Reserves as it currently comprises only Inferred Resources. Vimy’s CEO, Mike Young, commented: “This Ore Reserve update demonstrates the Mulga Rock Project is one of the best near-term, long-life global uranium projects in the world today. It is a great tribute to our Team at Vimy that we keep delivering on our promises; these ore reserves, including three years of Proved reserves provide sufficient surety to fund the project. | |
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