Peninsula Energy (ASX:PEN) closes Lance field operations early

• Peninsula Energy (ASX:PEN) has ended field operations at its wholly-owned, US-based, Lance Uranium Project seven months early
• The primary objectives for the low pH field demonstration were met once multiple production pattern configuration alternatives were evaluated.
• This data included a peak recovery grade of 150 parts per million triuranium octoxides from more than 25 pore volumes in the close-spaced pattern
• The last infield update was announced in September and included refocusing resources, accelerating field demonstrations and the preparation of a small scale production pattern.
• Peninsula shares are down 6.38 per cent and trading at 22 cents a share

Peninsula Energy (ASX:PEN) has ended field operations seven months early at its wholly-owned, US-based, Lance Uranium Project.

The primary objectives for the low pH field demonstration were met once multiple production pattern configuration alternatives were evaluated.

Part of the early completion included obtaining data from the updated uranium recovery curve and producing a uranium concentrate.

This data included a peak recovery grade of 150 parts per million triuranium octoxides from more than 25 pore volumes in the close-spaced pattern.

The secondary objectives included a bench and pilot-scale evaluation of the advanced uranium recovery technologies.

A field area was also preserved for future pilot testing of the recovery plant optimisation concepts.

The last infield update was announced in September and included refocusing resources, accelerating field demonstrations and the preparation of a small scale production pattern.

“Over the past 16 months, operation of the field demonstration has delivered valuable
results as we consider progressing the Lance Project toward a return to production,” Managing Director Wayne Heili said.

“We can now compile and evaluate the site-specific data into the format needed to produce an updated economic evaluation for the Project.

“Once completed, we will be able to use the results together with an assessment of the prevailing uranium market, to drive our re-start decision.”

Peninsula shares were down 5.32 per cent and traded at 22.3 cents a share at 11:51 pm AEDT.