Uranium miner Paladin Energy will retain its 75% interest in the Michelin joint venture (JV), in Labrador, Canada, after failing to secure an offer that it deemed to be acceptable.
This follows a best-efforts process to sell the entirety of the JV on commercially acceptable terms.
“The Michelin project is an exciting growth asset for Paladin, given its strategic land position in a premier mining jurisdiction and a mineral resource of 128-million pounds,” says CEO Ian Purdy.
He also reports that Paladin has re-established an exploration office in St Johns and that it will continue to progress its exploration and development study programmes.
The Michelin project claims cover a significant area of prospective ground over the Central Mineral Belt. The claims coincide with a total of 127.7-million pounds of mineral resources across six deposits. The largest of these deposits is Michelin.
As the flagship deposit of the project, Michelin contains a total mineral resource estimate of 92-million pounds of uranium, 82.2-million pounds of which is classified as measured and indicated mineral resources.