Lotus hits highest-grade intercept at Letlhakane yet
ASX-listed Lotus Resources has intersected more uranium mineralisation at the Letlhakane project in Botswana, it confirms in its latest results from 24 holes drilled on site.
The company has, overall, completed 79 holes of a planned 180-hole programme, having already updated its mineral resource estimate (MRE) recently to 155-million tonnes grading 345 parts per million (ppm) triuranium octoxide (U3O8 ) for 118-million pounds of U3O8 contained.
The drilling aims to upgrade the project’s 29%, or 34-million pounds, indicated resources to measured status.
Some of the latest intersections include 1.9 m of U3O8 grading 1 831 ppm from 27 m; 1.3 m of U3O8 grading 1 529 ppm from 39 m; 10.5 m of U3O8 grading 271 ppm from 50 m; and 4.1 m of U3O8 grading 496 ppm from 19.3 m.
The company will again update the MRE following the drilling programme, which is expected to be completed in September. Additionally, a scoping level study for Letlhakane is due in the third quarter.
“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 programme at 2 844 ppm U3O8, which is eight times higher than our average resource grade,” MD Keith Bowes explains.
Following completion of a reverse circulation drill programme at Serule West, the drill rig has moved to the generally lower-grade, but thicker, Gorgon West deposit, where it has recorded intercepts up to 1 529 ppm U3O8 – which is almost five times the current resource grade.
Some of the mineralised widths in this area extend more than 10 m.
“We also look forward to starting another 25-hole diamond drilling programme shortly, now that the diamond drill rig has arrived on site. We will continue to update the market on this exciting project as results come to hand,” Bowes concludes.
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