PERTH (miningweekly.com) - Uranium hopeful Peninsula Energy has increased the measured and indicated resource at its Lance project, in the US, by 2.5-million pounds, to 17.2-million pounds.
The project’s inferred resource also increased by 2.2-million pounds of uranium oxide (U3O8).
Peninsula said on Thursday that the key objective of the 2012 drilling programme was to increase the measured and indicated resource of the Lance project, in preparation for the start of mining operations.
“We are very pleased with the recent drilling results. The programme has successfully demonstrated the ability to convert significant inferred resource to the measured and indicated categories, which was the primary objective of the 2012 programme,” executive chairperson Gus Simpson said.
He noted that drilling during the current calendar year would have a dual focus of targeting the nose of the roll front systems in the measured and indicated resource location, and to continue to convert inferred resource to the measured and indicated category.
In late 2011, Peninsula announced the results of a definitive feasibility study on the Ross project, and an expanded economic study on the greater Lance project, which confirmed the technical and economic viability of the operation.
The studies were based on a steady-state production of 2.19-million pounds a year of U3O8 from three production units, within three years of start-up.