GoviEx Uranium (TSXV: GXU; OTCQX: GVXXF) saw most of the resource move into the measured and indicated categories and grades rise in an update for its Muntanga uranium project in Zambia.
Measured and indicated resources have almost tripled and now represent 74% of total resources, increasing to 42.6 million tonnes grading 359 parts per million (ppm) uranium oxide (U3O8) for 33.7 million lb., the company said in a release on Monday. In its previous resource in 2017, measured and indicated resources were pegged at 16.1 million tonnes grading 353 ppm U3O8 for 12.6 million lb., and represented 29% of the M&I resources.
Inferred tonnes decreased in the update to 14.8 million tonnes for 10.8 million tonnes, from 38.8 million tonnes for 25.1 million lb. though the grade increased to 330 ppm U3O8 from 294 ppm U308.
Total in-pit constrained resources have increased by 18%.
Its wholly-owned Muntanga consists of three mining permits that cover some 720 sq. km and contains five deposits.
“What’s more exciting is that this upward trajectory in resource growth persists even under lower uranium prices, such as the USD50/lb used in our preliminary economic assessment,” said GoviEx CEO Daniel Major. “There is also additional potential for further upgrading of inferred resources, thereby expanding the resources that can be included in the feasibility study.”
The updated mineral resource estimate is based on infill drilling of 8,010 metres drilled in 2021 and another 19,990 metres drilled last year, mainly on the Dibbwi East deposit. The resource update included a comprehensive reassessment of previous work and a revised correlation between down-hole radiometric probe data and chemical assays.
Red Cloud Research mining analyst David Talbot wrote in a note on Tuesday that the new resource “bodes well” for the next development stage as the higher pit confined resource increases the available pounds for production and reduces the strip ratio.
Be the first to comment on "GoviEx Uranium nearly triples resources at Zambia project"