Energia's Carley Bore proves profitable
PERTH (miningweekly.com) – A scoping study into ASX-listed Energia Minerals’ Carley Bore uranium project, in Western Australia, has proven that the project is economically feasible.
Energia told shareholders on Thursday that the scoping study estimated that the project would have a pre-tax net present value of some A$61-million and an internal rate of return of 23%.
For a capital investment of some A$114-million, the project was expected to have a steady-state production of 1.4-million pounds of uranium oxide (U3O8) a year, over a life-of-mine of seven years.
“This is a very good outcome from a scoping study, which gives the board a significant level of confidence to further progress the development of the Carley Bore deposits as an in-situ recovery project,” said Energia MD Kim Robinson.
“We are now investigating options to fund this next exciting phase of Carley Bore’s development.”
Robinson noted that the next stage of project development would initially include an air core drilling programme to define more accurately high-grade roll-fronts within, and peripheral, to the deposit, which had the potential to increase the resource base.
A rotary mud drilling programme would also be undertaken to confirm the hydrogeological aspects of the orebody, which was expected to enable the calculation of an indicated resource.
“Conversion of the exploration licence to a mining lease will also be advanced as a priority, as will the start of baseline environmental studies,” Robinson added.
The Carley Bore project currently has an inferred resource of 23-million tons, grading 330 parts per million. However, an additional exploration target of between 15-million and 25-million tons of U3O8 remains, with the potential to add further value to the project.
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