Lotus adds to Kayelekera resource

26th March 2020 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed Lotus Resources has reported a 31% increase in the mineral resource at the Kayelekera uranium project, in Malawi.

The company said that the resource increase was driven by the identification and inclusion of a previously unmodelled high-grade basal arkose unit beneath the pit, and the inclusion of existing run-of-mine and low-grade stockpiles created while the mine was in production between 2009 and 2014.

The total mineral resource at Kayelekera is now estimated at 37.5-million pounds of contained uranium oxide, up from the 28.7-million pounds previously reported.

An estimated 83% of this mineral resource is classified as measured and indicated, with the entire resource lying within the granted mining licence area.

Lotus told shareholders that the increase in the mineral resource at Kayelekera had the potential to positively impact the life of the mine.

Kayelekera was idled in 2014 on the back of low uranium prices. The project, which includes a 1.5-million-tonne-a-year processing facility, was recently acquired by Lotus from ASX-listed Paladin Energy.