Lotus Resources Limited (ASX: LOT | OTCQX: LTSRF) has reported results from a further 24 holes drilled at its large-scale Letlhakane Uranium Project in Botswana, with 79 holes of a planned 180-hole programme now completed. Lotus is developing Letlhakane in tandem with plans to restart production at its Kayelekera Project, Malawi.
Letlhakane’s recently revised mineral resource estimate (MRE), constrained by pit shells based on reasonable prospects of eventual economic extraction (RPEEE), is 155.3Mt at 345ppm U3O8 for 118.2Mlb U3O8, of which 34.4Mlb (or 29%) are indicated resources.
Lotus managing director, Keith Bowes, commented, “Our infill programme continues to confirm our initial interpretation that higher grade pods sit within Letlhakane’s current resource shell with the highest grade intercept reported so far in this program at 2,844ppm eU3O8, eight times higher than our average resource grade.”
eU3O8 intercepts calculated from down hole gamma survey data using 100ppm cut-off, minimum width 50cm with max 25cm internal dilution. Highlights include:
- SERC428: 1.9m at 1,831ppm eU3O8 from 27.3m and 4.1m at 345ppm eU3O8* from 22.6m
- MOKR2613: 1.3m at 1,529ppm eU3O8 from 38.9m
- MOKR2610: 10.5m at 271ppm eU3O8 from 49.6m inc. 2.3m at 559ppm eU3O8* from 51.4m
- SERC435: 4.1m at 496ppm eU3O8 from 19.3m
All but three infill drill holes so far have intersected mineralization, confirming continuity and grade as Lotus drilling aims to upgrade classification of Letlhakane’s resources.
Bowes continued, “Following completion of the RC programme at Serule West, with the latest intercepts grading up to 1,831ppm eU3O8, the RC drill rig has moved to the generally lower grade but thicker Gorgon West deposit and there has recorded intercepts up to 1,529ppm eU3O8, almost five times the current resource grade. Some of the mineralized widths in this area extend over 10m.”
The company has announced that the programme is on track to be completed in September 2024, with an updated MRE to follow. Additionally, a scoping level study for Letlhakane is due in Q3.
To find out more, please visit www.lotusresources.com.au
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