PERTH (miningweekly.com) – ASX-listed Vimy Resources has reported a maiden mineral resource of 26-million pounds uranium oxide at its Angularli deposit, at the Alligator River project (ARP), in the Northern Territory.
The Angularli deposit is located within the King River-Wellington Range project, which has 1 600 km2 of granted tenure, which is subject to a joint venture with mining major Rio Tinto, which holds a 25% interest.
“We are delighted to realise immediate value in the ARP acquisition. The Angularli maiden mineral resource demonstrates the world-class potential of the Alligator River uranium province and we are confident the Angularli resource will continue to grow with further drilling,” said Vimy MD and CEO Mike Young.
The company has also announced an exploration target of between 20-million and 60-million pounds of uranium oxide, with the company hoping to test the exploration target during the course of the 2018 field season.
A scoping study will also be undertaken on the Angularli deposit during 2018 to determine the preliminary economics of the deposit.
“The scoping study, scheduled for release in the second half of 2018, will highlight the economic potential of the Angularli resource. Vimy also intends to undertake a maiden drill programme at the Such Wow prospect, which is showing the same geophysical and geochemical indicators as the Angularli deposit,” said Young.