Pele Mountain Resources Inc. (TSXV:GEM, OTCQX:GOLDF) announced an updated NI 43-101 Resource Estimate for its Eco Ridge Mine Project in Elliot Lake, Ontario, which included major increases for both uranium and rare earth resources.
As quoted in the press release:
Highlights of the updated Resource Estimate include:
A 116-percent increase to Inferred Resource tonnage to 36.56-million tonnes at an increased average grade of 0.047-percent U3O8 and 1,554 ppm Total REO. This includes a 136-percent increase in U3O8 to 37.62-million pounds and a 130-percent increase in Total REO to 125.25-million pounds.
An 11-percent increase to Indicated Resource tonnage to 22.74-million tonnes at an average grade of 0.045-percent U3O8 and 1,606 ppm Total REO. This includes a 10-percent increase in U3O8 to 22.55-million pounds and a 10-percent increase in Total REO to 80.51-million pounds.
Expanded higher-grade zones identified for production early in the mine life, which can positively impact project economics.
Substantial increases in critical REO resources including neodymium, dysprosium, yttrium, terbium and europium oxides as well as in scandium oxide resources.
Pele Mountain’s President and CEO, Al Shefsky, said:
Our recent drilling conclusively demonstrated the down dip continuity of the Eco Ridge deposit and has led to a major increase in NI 43-101 uranium and rare earth resources at the project. The new and expanded Resource Estimate marks another important milestone on the pathway to production at Eco Ridge, as we prepare to transition the project into the licensing and feasibility process.