TSX- listed Extract Resources has updated its resource estimate for the Husab uranium project, in Namibia, making it the fourth-largest uranium deposit in the world.
The revised estimate follows evaluation of 1 725 drill holes and was prepared in accordance with the Joint Ore Reserves Committee (JORC) code and Canada’s NI43-101 guidelines.
Extract CEO Jonathan Leslie reports that, since the discovery of the Husab deposit in early 2008, the company has carried out an intensive drilling programme to define the resource to support the development of a long-life mining operation.
Following completion of the company’s definitive feasibility study on Zones 1 and 2, Extract initiated a mine optimisation and resource extension programme aimed at increasing the current life-of-mine and the optimisation of the process plant and mining operations significantly.
The next phase in the programme, to be carried out in the second half of the year, is expected to generate a revised mine plan based on the updated resource model.
“It is expected that this will result in a material increase in reserves and mine life. Measured and indicated resources at Zones 1 and 2 are available for conversion to reserves, and account for 357.7-million pounds uranium oxide, or only 73% of the total resource. High resource grades at the zones have been maintained since the previous resource statement, confirming that the drilling adequately defines the inherent grade distribution and continuity within the deposits. Extract’s drilling programme will continue, with a target to expand and improve the classification of existing depo- sits, and to discover new areas of mineralisation,” says Leslie.
He adds that five drill rigs are currently operating on site, with 100 000 m planned to be drilled by the end of the first quarter of 2012.