Lotus Resources has released the inaugural Mineral Resource estimate (MRE) for the Livingstonia Uranium deposit of 6.9 Mt at 320 ppm U3O8 – a nice bump up for the company’s total global MRE in Malawi to 51.1Mlbs U3O8.
The company acquired the project last year, consolidating its ownership of the southern project area, a known uranium mineralised district that has had very limited exploration work completed over the years.
And there could be room to grow the resource even further.
Lotus Resources (ASX:LOT) says the Livingstonia Inferred Mineral Resource suggests the presence of two higher-grade areas of mineralisation potentially controlled by faulting within the deposit area, similar to that at the nearby Kayelekera deposit.
Further targeted infill and extension drilling could have the potential to both increase the grade and amount of mineralisation within the deposit.
Potential satellite operation
The company is working towards restart of Kayelekera which could potentially be one of the first uranium projects to recommence production in the future.
A Definitive Feasibility Study (DFS) is on track for completion mid-2022, and while Livingstonia is not included, the company says it has the potential to become a satellite operation in the future.
“Livingstonia is not part of the current production strategy at the Kayelekera project nor our DFS work, however it has the potential to become a satellite operation in the future, once the Kayelekera resource has been depleted,” MD Keith Bowes says.
“The results show that there are additional feed materials available for the Kayelekera processing plant and that the life- of-mine is not limited by what currently exists on the mining tenement.”
This article was developed in collaboration with Lotus Resources Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.