Peninsula Energy Intersects High Grade Uranium at Lance 1

Peninsula Energy (ASX:PEN) reported that development drilling at its Lance 1 project in Wyoming has intersected high-grade uranium ores. Furthermore, productivity of the contracted drill rigs at Lance 1 is so far exceeding budget rates.
Highlights of results included:

High grade uranium intercepts within and outside Mine Unit 1
Significant intercepts include:
o 8.5ft @ 1,690ppm U3O8 from 364.5ft (GT 1.44)
o 19.5ft @ 650ppm U3O8 from 459ft (GT 1.27)
o 11.5ft @ 660ppm U3O8 from 433ft (GT 0.76)
o 14ft @ 540ppm U3O8 from 454ft (GT 0.76)
Intercepts within Mine Unit 1 meet or exceed resource grade expectations which augurs well for production from this mining zone

As quoted in the press release:

As advised previously, Peninsula’s wholly owned subsidiary Strata Energy Inc. (Strata) has completed the installation of a series of monitor/baseline wells within the initial mining unit (Mine Unit 1) at the Lance Projects. Strata is using these wells to develop site-specific ground water quality data and to perform aquifer pump tests. Delineation drilling has also been conducted to optimise the well field patterns and design within Mine Unit 1. Peninsula advises that both the monitor well drilling and delineation drilling have intersected high grade uranium mineralisation within the ore zone of Mine Unit 1, with several high grade holes also being recorded outside of Mine Unit 1. Pleasingly the drill results to date have met or exceeded resource grade expectations for the ore body which is a positive result ahead of the commencement of production and extraction of uranium from this mining zone.

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