Join our daily newsletter At The Bell to receive exclusive market insights
- Lotus Resources (LOT) “confirms” the potential for a satellite deposit at its Livingstonia uranium prospect in Malawi
- The company says the reverse circulation drill program was designed to convert the prospect’s historic mineral resource estimate (MRE) into a JORC-compliant MRE and to test for potential extensions
- Lotus says the best assays of uranium oxide – peaking at 983 parts per million – occur north of the existing resource limits and extend the previous resource limits by up to 250 metres
- LOT shares last traded at 40 cents on April 11
Lotus Resources (LOT) says drilling has “confirmed” the potential for a satellite deposit at its Livingstonia uranium prospect in Malawi.
The company recently completed an inaugural uranium exploration drill program at Livingstonia.
Lotus said the 29-hole reverse circulation (RC) drill program was aimed at converting the prospect’s historic mineral resource estimate (MRE) into a JORC-compliant MRE and to test for potential extensions.
The focus of the drilling was on the northern margins and north-eastern extensions of the known mineralised trend.
The holes completed in these locations were designed to either detect extensional mineralisation or increase the confidence in the existing resource classification.
Lotus said the best assays of uranium oxide – peaking at 983 parts per million – occurred north of the existing resource limits and extend the previous resource limits by up to 250 metres.
Several holes were also drilled within the existing resource limits to validate the historic MRE.
Lotus intends preparing an updated MRE for release later this quarter.
“The acquisition of the Livingstonia prospect last year consolidated the company’s ownership of our southern project area, a known uranium mineralised district that has had very limited exploration work completed over the years,” Managing Director Keith Bowes said.
“Whilst Livingstonia is not included in the current definitive feasibility study, we believe there is potential for it to become a satellite operation in the future once the Kayelekera resource has been depleted, especially if similar success with ore sorting can be achieved.”
LOT shares last traded at 40 cents on April 11.
