PERTH (miningweekly.com) – Uranium developer Lotus Resources has acquired the Livingstonia uranium project, in Malawi, for $25 000.
The project, which is located some 90 km southeast of Lotus’ Kayelekera uranium project, hosts an historical inferred mineral resource of some 8.3-million tonnes, grading 325 parts per million for six-million pounds of uranium oxide (U3O8).
“This is an extremely accretive acquisition for Lotus with the potential to increase our global mineral resource by 16% for less than $0.004 / lb U3O8. More importantly, we have increased our landholding at the highly prospective, yet poorly explored, Livingstonia region, to 187 km2,” said Lotus MD Keith Bowes.
“There are multiple walk-up, drill-ready targets across our Livingstonia tenements, including at the boundary of the Livingstonia resource where an airborne radiometric survey indicates mineralisation continues into our existing tenements.
“This area, as well as the high-grade intercepts previously reported, will be the basis of the first phase of exploration which will commence towards the end of this year. Other prospective targets, including Livingstonia North and Chilumba, will be tested in future exploration programmes.
“Assuming exploration success, the company will undertake ore sorting test work on the Livingstonia material in 2022 as part of the process for determining whether Livingstonia could become a future satellite operation for the company,” said Bowes.