JOHANNESBURG (miningweekly.com) – ASX-listed Vimy Resources on Thursday announced a “significant” resource upgrade for its Mulga Rock uranium project, in Western Australia.
The Mulga Rock East deposit comprised the Princess and Ambassador resources, which would form the first stage of the potential mine development for the project.
Vimy reported that more than 80% of the Ambassador resource was classified as indicated, totalling 19.8-million tonnes at 720 parts per million (ppm) uranium oxide (U3O8) for 31.5-million pounds of U3O8.
Overall, the indicated resource increased to 66.5-million tonnes at 520 ppm U3O8 for contained 76.2-million pounds of U3O8.
The Ambassador resource made up more than half of the total mineral resource of the Mulga Rock project. The increase in the proportion of indicated mineral resource in the resource base would underpin the ore reserve update that would support the definitely feasibility study (DFS), which was currently in progress.
“The exploration team has completed all the drilling necessary to support the DFS. We will shortly be releasing the mineral resource updates with Shogun and Emperor where we are expecting increases in overall metal and resource classification,” said MD Mike Young.
He added that Vimy was working on the ore reserve for Ambassador. “We expect this to increase markedly and this will underpin future project financing and offtake contract discussions.”
Vimy aimed to be the first uranium mine in Western Australia.