Uranium explorer Vimy Resources have announced a resource upgrade at their Mulga Rock project.
In-fill drilling at the Ambassador resource has brought back assay results showing a 30 per cent increase in the average grade of Uranium, from 469ppm to 610pp,.
The estimate for the size of the Ambassador resource itself has also increased by 33 per cent, taking the total estimate to a contained 37.5Mlbs of uranium.
With approximately 58 per cent of the Ambassador resource indicated, the indicated resource is estimated at 13Mt at 750pp, for a result of 21.6mlbs of uranium.
Vimy Resources managing director Mike Young said the exploration team had delivered an outstanding result.
“The results have enhanced our geological understanding of the deposits and the controls on mineralisation that will be put to good use in future drilling programs,” he said.
“The increased grade, contained metal, and upgrade of almost 60 per cent of Ambassador to Indicated status may have a significant positive impact on the project’s economics which are currently the subject of an ongoing study.
“When these results are coupled with the recently announced advances in the metallurgical test work, then the true potential of Mulga Rock Uranium Project starts to become clear.”
Located 240km east northeast of Kalgoorlie, the Mulga Rock Uranium Project is situated on two exploration leases spanning 757 square kilometres.
Mulga Rock contains the Princess and Ambassador resources, the latter being a flat lying deposit approximately 7km long and 1km wide.
Vimy have heralded Ambassador as one of the largest uranium deposits in Australia, with aspirations to produce a target of 1300 tonnes of uranium oxide for a mine life of 12 years.