- Lotus Resources (LOT) acquires a six million pound Livingstonia Uranium Project in Malawi for US$25,000 (around A$33,870)
- The company says historical drilling found multiple exploration targets across the triuranium octoxide project, which ended in mineralisation
- Lotus is set to kick off an inaugural exploration program at Livingstonia shortly, which will include reverse circulation drilling to test high priority targets
- Should this be successful, the company will undertake ore sorting test work on the Livingstonia material in 2022 to determine if it could become a future satellite operation
- Lotus Resources is trading in the grey at 28.5 cents at 1:27 pm AEDT
Lotus Resources (LOT) has acquired a six million pound Livingstonia Uranium Project in Malawi for US$25,000 (around A$33,870).
“This is an extremely accretive acquisition for Lotus with the potential to increase our global mineral resource by 16 per cent for less than $0.004 per pound triuranium octoxide,” Managing Director of Lotus Keith Bowes said.
“More importantly, we have increased our landholding at the highly prospective, yet poorly explored Livingstonia region, to 187 kilometres squared.”
The triuranium octoxide project is located 90 kilometres from Lotus’ Kayelekera Uranium Project, with the new purchase set to increase the company’s mineral resource base.
The company said historical drilling found multiple exploration targets across the landholding at the Livingstonia boundary, which ended in mineralisation. Additionally, airborne radiometrics showed the anomaly extends into the existing Lotus tenement at Livingstonia North.
Broader zones of mineralisation have also been recorded at Livingstonia, however these areas have been mostly untouched.
Lotus is set to kick off an inaugural exploration program at Livingstonia soon, which will include reverse circulation drilling to test high priority targets including the strike extensions into the company’s adjoining tenement.
“Assuming exploration success, the company will undertake ore sorting test work on the Livingstonia material in 2022 as part of the process for determining whether Livingstonia could become a future satellite operation for the company,” Mr Bowes said.
Lotus Resources was trading in the grey at 28.5 cents at 1:27 pm AEDT.