- Lotus Resources (LOT) bolsters its Malawi resource base to 51.1 million pounds of uranium after delivering a maiden mineral resource estimate for its Livingstonia deposit
- Lotus defines an inaugural inferred resource for Livingstonia of 6.9 million tonnes at 320 parts per million (ppm) triuranium octoxide for 4.8 million pounds of the material
- While the deposit forms part of the wider Kayelekera project, the Livingstonia resource will not be included in an upcoming definitive feasibility study (DFS) for the project
- Nevertheless, Lotus Managing Director Keith Bowes says the results show the Kayelekera life-of-mine is not limited by what currently exists on the mining tenement
- Shares in Lotus Resources are in the grey to trade at 28 cents each at 10:04 am AEST
Lotus Resources (LOT) has bolstered its Malawi resource base to 51.1 million pounds of uranium after delivering a maiden mineral resource estimate for its Livingstonia deposit.
The deposit forms part of the Kayelekera project, and Lotus has now defined an inaugural resource for Livingstonia of 6.9 million tonnes at 320 parts per million (ppm) triuranium octoxide for 4.8 million pounds of the material.
Lotus said due to the historic nature of some of the drilling on which this resource estimate was based, the entire resource is currently classified as ‘inferred’. However, the company said there was potential to upgrade the resource into higher-confidence categories in the future.
As it stands, the Livingstonia resource will not be included in an upcoming definitive feasibility study (DFS) for the wider Kayelekera project, slated for delivery by mid-2022.
Lotus Managing Director Keith Bowes said the company’s acquisition of the Livingstonia prospect in 2021 consolidated its ownership of its southern project area, which was a known uranium-mineralised district that had undergone “very limited” exploration.
“As we have previously commented, Livingstonia is not part of the current production strategy at the Kayelekera project nor our DFS work, though it has the potential to become a satellite operation in the future, once the Kayelekera resource has been depleted,” Mr Bowes said.
“The results show that there are additional feed materials available for the Kayelekera processing plant and that the life-of-mine is not limited by what currently exists on the mining tenement.”
The Livingstonia resource estimate was defined by over 12,100 metres of drilling completed in 102 vertical drill holes. The majority of this — 9903 metres — was completed between 2007 and 2011 by the project’s previous owners, Globe Uranium and Resource Star.
Lotus completed an additional 2210 metres of drilling within and adjacent to the resource after purchasing the project in 2021.
The company said its drilling work in the area had expanded the northern and north-eastern limits of the resource beyond historic resource extents, meaning there was potential to further extend the mineralisation in the area and grow the Livingstonia resource.
Shares in Lotus Resources were in the grey at 28 cents each at 10:04 am AEST.