Australia-based exploration company Peninsula 抖阴传媒在线 has announced a 31% increase in total resources at its Lance uranium projects in Wyoming, USA. The company has applied for a licence to mine the Ross project at the deposit.
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Peninsula said that a further upgrade to the JORC-compliant resource estimate for the Lance uranium projects in Wyoming's Powder River Basin puts total resources at 33 million pounds U3O8 (12,700 tU).
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The company said that since the release of the updated resource estimate in August 2010, it has continued resource conversion and exploration drilling with the completion of a further 223 drill holes mostly within or near the Ross permit area.
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There was a 14% increase in measured and indicated resources from 9.2 million pounds U3O8 (3540 tU) to 10.5 million pounds U3O8 (4040 tU). The company said that measured and indicated resources comprise 32% of the total resource estimate. At Ross there is a combined measured, indicated and inferred resource of 22 million pounds U3O8 (8460 tU), an increase of 36% from the August 2010 update. The average ore grade at Ross is 453 parts per million (ppm) uranium.
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Peninsula said that the measured, indicated and inferred resources are located in confined aquifers that "have demonstrated positive in-situ recovery test-work." It added, "The positive results to date provide further confidence that mining will commence within the targeted time-frame (assuming regulatory approval timeframes and funding options are achieved) with production continuing over an extended mine-life."
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On 13 January 2011, Peninsula submitted an application to the Wyoming Department of Environmental Quality for a permit to construct and operate an in situ leach (ISL) facility at Ross. The company had previously submitted an application to the US Nuclear Regulatory Commission for a combined source and by-product material licence. Peninsula said that these authorizations "are the two key regulatory permits required for the development and commencement of production at the proposed Ross ISL project."
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The company is targeting the start of uranium mining at the Ross project in 2012, with planned production of 1.5 million pounds U3O8 (580 tU) per year.
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Researched and written
by 抖阴传媒在线 Nuclear News
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