Energia Minerals (ASX:EMX) has announced a new batch of drill results at their 100% owned Carley Bore Uranium project in Australia.
Of interest is hole 343 which intersected 5 meters at 579ppm Uranium, north of the current JORC-compliant resource estimate. The mineralization seems to continue to the north and the company will drill-test another 3km of strike length, which has never been drilled before.
Energia has engaged Coffey Mining to update the current JORC-compliant resource estimate which stands at 11.9M lbs Uranium at an average grade of 0.0^ù39% U. Although the grade is quite low, the project could be economical at a Uranium-price of $50/lbs as the metallurgical test results indicate the project might be producing through the ISR-method, which is cheaper than traditional open-pit mining.
We expect the new resource estimate to contain approximately 17Mlbs of uranium at the same cutoff grade of 200ppm. We are looking forward to future drill results, as we believe the Carley Bore project might contain in excess of 30Mlbs Uranium.
Disclosure: The author holds no position in Energia Minerals Ltd. Please see our disclaimer for current positions.
