Stonehenge awaiting exploration rights approvals

THE BOURSE WHISPERER: Stonehenge Metals has provided the market with an update on the status of the company’s tenements across the Daejon project area in South Korea.

According to Stonehenge the Daejon project contains the largest known uranium resource within South Korea at 65.0 million pounds (inferred) grading 320 parts per million uranium equivalent (in accordance with JORC guidelines).

Stonehenge currently holds 11 granted Mining Right licenses for uranium across the Daejon project.

 

Stonehenge South Korean project locations. Source: Company announcement

These licenses are valid for 20 years and were initially obtained by the company in 2008.

Stonehenge submitted four new Mining Exploration Right applications for vanadium and molybdenum in April this year, which are now pending final approval by the Korean Mining registration office.

These new applications overlap with the company’s existing granted uranium Mining Right licenses.

Tenements 27-1, 59 and 70 are new Mining Exploration Right applications for uranium, vanadium and molybdenum.

Since March, has been granted 15 new Exploration Permits across the Daejon project.

These new permits include the known uranium deposits Yokwang, Soryong and Samgoi.

Stonehenge has identified Yokwang to possess exploration potential holding a current JORC Exploration Target of 15 to 59 million tonnes with uranium grade ranging between 300 to 500ppm uranium.

The remaining permits, Soryong and Samgoi were previously drilled by Korean Institute of Resources in 1980’s and have had historic estimates completed over the leases which support a combined Exploration Target ranging between 5 to 10 million tonnes with uranium grade ranging between 300 to 500 ppm uranium.