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Vimy Resources Ltd.
Summary
| Project: | Mulga Rock | |
|---|---|---|
| Deposit: | Shogun, Emperor | |
| Location: | Australia | |
| Commodities: | Uranium | |
| Date: | 11/7/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 7-11-2016: Vimy Resources Ltd. announces a Resource Estimation report for its Shogun, Emperor deposit at the Mulga Rock project. Updated resources for the Shogun and Emperor deposits. Vimy Resources Limited (“Vimy” ASX: VMY) is pleased to announce the res | |
| Resources: | (Resource total, I+I): 67.9Mt @ 520ppm U3O8 for 76.8Mlb 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 the updated Shogun and Emperor Resource Estimates for its Mulga Rock Project (MRP). The estimate was completed in-house and validated by the independent resource consultant, AMC Consultants. The estimate is based on extensive infill (Shogun) and twin (Emperor) drilling programs completed and announced earlier this year. Under the Mulga Rock Project Pre-Feasibility Study (PFS), the Shogun pit commences in Year 9 of the mine schedule; with the increase in uranium grade and continuity of the Indicated Mineral Resource, it is likely that the revised Ore Reserve, which is part of the ongoing Definitive Feasibility Study (DFS), will bring this material forward in the DFS schedule. Vimy Managing Director and CEO, Mike Young said, “Approximately half of the total Mulga Rock Project Mineral Resource is now at the Indicated Resource status. Vimy anticipates that the majority of this will be converted to Probable Ore Reserves, which will underpin project financing and offtake contract discussions currently underway. Coupled with positive developments on the permitting front, this puts us on track to be the first uranium mine in Western Australia. An Ore Reserve update for the Mulga Rock Project will be completed during this quarter”. The Mulga Rock Project is 100% owned and operated by Vimy and lies approximately 240km east northeast of Kalgoorlie, situated on two recently granted Mining Leases (M39/1104 and M39/1105). Vimy holds title to approximately 757 square kilometres of exploration ground across the Project. The Mulga Rock West Deposit (MRW) comprises the Shogun and Emperor resources (Figure 1). The Shogun resource is a flat-lying deposit that is approximately 4 km in length and 1 km wide. It has been extensively drilled with a total of 429 aircore and reverse circulation (RC) holes for a total depth of 22,973 metres, and 49 diamond holes for 2,303 metres. The Emperor resource extends over 8km in length and is more than 3km wide. The Emperor resource comprises a total of 524 aircore and reverse circulation holes for a combined depth of 33,881 metres, 263 diamond holes for 12,259 metres and one sonic drill hole for 48 metres. | |
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