Lotus Resources Limited (ASX: LOT | OTCQX: LTSRF) has reported results from the initial 55 holes of a 180-hole drill programme at its large-scale Letlhakane Uranium Project in Botswana. Lotus is developing Letlhakane in tandem with plans to restart production at its Kayelekera Project, Malawi.
Letlhakane’s recently revised mineral resource estimate, constrained by pit shells based on reasonable prospects of eventual economic extraction, is 155.3Mt at 345ppm U3O8 for 118.2Mlb U3O8, of which 34.4Mlb (or 29%) are indicated resources.
Managing director, Keith Bowes, commented, “Letlhakane’s pit constrained MRE for of 118Mlb grading 345ppm U3O8, confirmed that Letlhakane is a large and attractive standalone, potentially company-making project. The infill programme has confirmed our initial interpretation that higher grade pods sit within the current resource shell with the highest grade intercept reported so far at 2,844ppm eU3O8, eight times higher than our average resource grade. Further to this it is also important to note that the shallow depth of the deposit, with the maximum depth drilled for this part of the programme of only 73m and the majority of mineralization occurring at depths between 25 and 50m.”
Key highlights include:
- SERC403: 4.4m at 408ppm eU3O8 from 37.8m, including 1.1m at 982ppm eU3O8; and 1.3m at 2,844ppm eU3O8 from 42.4m
- SERC395: 4.3m at 585ppm eU3O8 from 41.96m, including 2.0m at 1,028ppm eU3O8
- SERC413: 2.25m at 746ppm eU3O8 from 23.0m, including 1.5m at 1,011ppm eU3O8
- SERC388: 6.7m at 328ppm eU3O8 from 39.5m, including 1.9m at 709ppm eU3O8
- SERC392: 3.4m at 541ppm eU3O8 from 43.3m
The completed drill holes have intersected mineralization, confirming continuity and grade.
Additionally, infill drilling will comprise up to 15,000m reverse circulation and 1,500m diamond drilling for 170 drill holes to upgrade the classification of Letlhakane’s resources.
Lotus expects the programme to be completed in August 2024, with an updated mineral resource estimate to follow. The company will progress Letlhakane’s development in parallel with restart works at Kayelekera, focused on FEED, offtake, financing, and assessing long lead item procurement.
To find out more, please visit www.lotusresources.com.au
To read more articles like this, please visit www.theassay.com/news
