Prominence Energy Ltd (ASX:PRM) has seen its shares leap above 33 percent on news of uranium grading up to 5,269 parts per million (ppm) discovered at the Kazakhstani Djideli project by Umine LLP, a company in which Prominence has a 20% interest.
The uranium was discovered among low-grade stockpiles, which were subject to Umine’s recent bout of sampling work during a site visit to Djideli, with fifty surface samples being sent for analysis.
From these, seven surface samples from low-grade ore dumps revealed uranium
concentrations of up to 5,269ppm, for an average grade of 1,773ppm.
In addition to this were 43 samples from rock dumps which held uranium averaging 80ppm, with grades going up to 583ppm.
Managing Director Alex Parks said the initial sampling work had gone beyond what Prominence’s expectations for the site.
“While the sample size is limited, the findings, particularly from the ‘low-grade ore dumps’ are highly encouraging, and exceeded our expectations with sample results up to 5,269ppm uranium and an average 1,773ppm,” he said.
“Whilst further sampling via drilling of the rock piles is required before conclusions
of commerciality can be made, the initial results bode well for the project’s potential success.
“The Umine project is advancing steadily, with the submission of our initial Permit Application to the Ministry of Industry and ongoing preparations for the Engineering Plan by Umine and its consultants.”
Prominence’s movement into the uranium recovery space in Kazakhstan began in March, when it undertook a capital raising aiming for A$1.55 million, with $200,000 of this being spent to acquire the 20 percent share in Umine.
The latter is focusing on collecting, processing and selling the uranium found at the site, which comprises two rock dumps and three low-grade ore stockpiles.
Prominence was trading at 0.8 cents at 11:40 AEST, a rise of 33.33% since market open.