Peninsula expands Lance uranium resource estimate
ASX-listed Peninsula Energy has announced qn updated mineral resource estimate (MRE) of 58-million pounds of uranium oxide (U3O8) for the Lance project, in Wyoming.
The updated resource estimate is based on the results of 2023 drilling in the Ross and Kendrick areas and represents a 7.8% improvement from the previous estimate.
The MRE within the life-of-mine study areas has increased by 19.6% to 26.2-million pounds of U3O8.
MD and CEO Wayne Heili said that the resource growth came at an opportune time with the US government continuing to take action to reinvigorate domestic uranium production and nuclear fuel cycle capacity.
Peninsula is preparing to resume commercial production at its Lance projects and previously said that operations should resume by late 2024.
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