PERTH (miningweekly.com) – ASX-listed Lotus Resources has added fuel to the Kayelekera fire, announcing an exploration target of between 6-million and 22-million tonnes, containing between 7-million and 14-million pounds of uranium oxide (U3O8).
The exploration target followed on from an exploration review, which identified a number of greenfield targets which will need to be drill tested.
“The exploration review further reinforces our view that the Kayelekera uranium mine is a world class uranium asset. In addition to being fully permitted and having significant plant and infrastructure, there is also potential for a significantly larger resource,” said Lotus MD Simon Andrew.
The announcement of an exploration target comes just days after Lotus reported a 31% increase in the mineral resource at Kayelekera, in Malawi, which now stood at 37.5-million pounds U3O8.
The project 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.