Peninsula Energy (ASX:PEN) updates market on field work at Lance Project

• Peninsula Energy (PEN) has provided a field demonstration update at its wholly-owned Lance Project in Wyoming, U.S.
• The MU1A field demonstration of low-pH in-situ recovery (ISR) has been designed to generate site-specific data on the influence of certain development and operational parameters before a final investment decision is made on restarting production at the project
• Further changes have been made to the configuration of the injection and recovery well patterns in an attempt to reduce response times for assessing and adjusting chemical parameters
• An evaluation of several alternative uranium recovery process options is also underway with the aim of reducing downstream processing costs
• Peninsula has observed that the pH of each recovery well has continued moving modestly downward to its target level
• Further, the uranium grade has stayed between 20 and 25 parts per million
• Shares are trading 5.88 per cent higher at 18 cents

Peninsula Energy (PEN) has provided a field demonstration update at its wholly-owned Lance Project in Wyoming, U.S.

The MU1A field demonstration of low-pH in-situ recovery (ISR) has been undertaken to generate site-specific data on the influence of certain development and operational parameters before a final investment decision is made on restarting production at the project.

Since the company’s last update in April, further changes have been made to the configuration of the injection and recovery well patterns in an attempt to reduce response times for assessing and adjusting chemical parameters.

Specifically, the company has switched off selected perimeter injection wells that were distant to the recovery wells, creating a pattern design with the average injector to recovery well distance reduced from 135 feet to approximately 80 feet.

Peninsula has also started an evaluation of several alternative uranium recovery process options to reduce downstream processing costs.

The company notes that achieving and maintaining the correct operational pH and oxygen reduction potential for process solutions is critical to successful uranium low-pH ISR operations.

Encouragingly, Peninsula has observed that the pH of each recovery well has continued moving modestly downward to its target level.

Further, the company has seen free acid concentrations and another measure of acidity, with improvement in two out of the three recovery wells.

Additionally, the recovery stream ORP has moved closer to the target range of 450 to 600 membrane potential (mv) during the past month.

In April, the uranium grade reported had doubled to between 20 and 25 parts per million and has remained within this range during the past month.

Shares are trading 5.88 per cent higher at 18 cents at 11:00 am AEST.