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Uranium company Lotus Resources (ASX:LOT) has reported a 65% increase in the indicated mineral resource estimate (MRE) of its Letlhakane Uranium Project in Botswana, based on information from its latest infill drilling program.
Letlhakane’s global resource is now indicated at 142.2 million tonnes at 363 parts per million (ppm) U3O8 for 113.7 million pounds (Mlb), with the revision being constrained by pit shells which show reasonable prospects of eventual economic extraction (RPEEE), and built around12,108 metres (for 164 holes) of infill drilling.
Within this, 4.4Mlbs of new RPEEE-constrained inferred mineral resources was yielded from exploration targeting the Marotobolo on the western border of the mining lease.
Lotus CEO Greg Bittar said the infill drilling had been an all-round success for the company.
“Our infill drilling has successfully converted a significant portion of the inferred mineral resources at Letlhakane into the indicated mineral resource category, with the indicated portion of the MRE now standing at 50%,” he said.
“We are now focused on completing mining optimisation studies, process flowsheet
development and associated cost estimates to prepare an updated scoping study for release during Q3 2025.
“This drill program has also provided valuable insight into opportunities for further mineral resource growth which we will look to pursue during infill drilling next year that will seek to convert more of the remaining Inferred material into Indicated status.”
Lotus is aiming to restart uranium production at its Kayelekera Project in Malawi in the third quarter of 2025, and Letlhakane – complementary to Kayelekera – also appears to be developing as a large, standalone uranium project.
Lotus last traded at 22.5 cents – a rise of 4.65% since the market opened.
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