Adds Second Malawi Uranium Project To Portfolio
Lotus Resources Limited (ASX:LOT) has acquired the 6Mlb U3O8 Livingstonia Uranium Project located 90km from the company’s Kayelekera Uranium Project in Malawi.
Managing Director, Keith Bowes, said this acquisition increases the company’s mineral resource base as well as having the potential to become a future satellite operation for the company.
Consideration for the acquisition was US$25,000 or US$0.004 / lb U3O8 of contained resource
There are multiple exploration targets across the landholding as shown by historical drilling at the Livingstonia boundary which ended in mineralisation. The airborne radiometrics. demonstrate the anomaly extends into the existing Lotus tenement at Livingstonia North.
Broader zones of mineralisation are also evident in Livingstonia, however these areas have been sparsely drilled, raising the prospect of higher-grade offshoots from the existing resource:
- – 8.0m @ 1,180ppm eU3O8 (CBRC034 from 77.4m)
- – 3.6m @ 1,800pm eU3O8 (CBPE007 from 72.5m)
The company will shortly commence an inaugural exploration program at Livingstonia. This will include RC drilling to test a number of high priority targets including the strike extensions into the company’s adjoining tenement.
“This is an extremely accretive acquisition for Lotus with the potential to increase our global mineral resource by 16% for less than $0.004 / lb U3O8. More importantly, we have increased our landholding at the highly prospective, yet poorly explored Livingstonia region, to 187 sq. km,” Mr Bowes said.
“There are multiple walk up, drill ready targets across our Livingstonia tenements, including at the boundary of the Livingstonia resource where an airborne radiometric survey indicates mineralisation continues into our existing tenements.
“This area, as well as the high- grade intercepts previously reported, will be the basis of the first phase of exploration which will commence towards the end of this year. Other prospective targets, including Livingstonia North and Chilumba, will be tested in future exploration programmes.
“Assuming exploration success, the company will undertake ore sorting test work on the Livingstonia material in 2022 as part of the process for determining whether Livingstonia could become a future satellite operation for the company.”
The Livingstonia Uranium Project is located in Northern Malawi, approximately 90km southeast of the Company’s Kayelekera Uranium Mine.
The Project is hosted in the prospective Karoo-equivalent sedimentary sequence which is also host to the main deposit associated with Lotus’ Kayelekera Uranium Mine.
Livingstonia hosts a historical Inferred Mineral Resource of 8.3Mt at 325ppm eU3O8 for 6.0Mlb of contained U3O8 at a cut-off grade of 150 ppm eU3O8.
For further information please visit: https://lotusresources.com.au/