Peninsula Energy upgrades Wyoming uranium

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THE DRILL SERGEANT: Peninsula Energy Limited has announced an upgrade to the JORC-compliant Resource Estimate for its Lance uranium projects in Wyoming, USA.

The revised JORC compliant resource estimate of 41.4 million pounds of uranium represents a 25% increase to the total resource estimate.

It also includes a 7% increase in Measured and Indicated Resource since an upgrade the company released in February.

Since the release of that JORC resource estimate, Peninsula has continued resource conversion and exploration drilling with the completion of a further 300 drill holes mostly within and nearby to the Ross Permit Area.

The company said this drilling has demonstrated the continuity of the known mineralisation and expanded the limits in these resource areas.

At Ross, including the Ross Permit Area, there is a now a combined measured, indicated and inferred resource of 26.2Mlbs uranium, an increase of 19% from the updated February estimate.

Within the Ross Permit Area the combined measured, indicated and inferred resource totals 5.90Mlbs uranium at an average grade of 499 parts per million and an average grade and thickness value (GT) of 0.55.

The most recent drilling within the permit area has been partly designed to test the resource model by targeting the nose (high grade) portion of the roll front systems.

This drilling campaign has produced an overall increase in grade within the permit area from 478ppm to 498ppm uranium.

The company has held over publication of the results of a Definitive Feasibility Study (DFS) results, subject to finalisation of the updated resource numbers and well field design optimisation, but expects this will be available soon.

“We are very pleased with this resource upgrade and the ongoing drill program,” Peninsula Energy executive chairman Gus Simpson said in an announcement.

“It continues to convert areas of mineral potential into further JORC resource and to enhance resource status from inferred to indicated and measured.

“This is adding significant value to the Lance project. Importantly, we will now factor this into the DFS model and publish those findings. ”