The Conversation (0)
Ur-Energy (NYSE MKT:URG,TSX:URE) has announced a new, increased mineral resource estimate for its Lost Creek property in Wyoming. In addition to incorporating results from wellfield development drilling and results from the second phase of its 2015 exploration program, previously identified resources were revised using a lower cut-off grade due to better than expected uranium recoveries from mining operations.
Ur-Energy (NYSE MKT:URG,TSX:URE) has announced a new, increased mineral resource estimate for its Lost Creek property in Wyoming. In addition to incorporating results from wellfield development drilling and results from the second phase of its 2015 exploration program, previously identified resources were revised using a lower cut-off grade due to better than expected uranium recoveries from mining operations.
As quoted in the press release:
The current mineral resource estimate for all of the Lost Creek Property, at a 0.20 GT cut-off, after subtraction of 1.358 million pounds of Mine Unit (MU1) production (through September 30, 2015), is 13.25 million pounds eU3O8 in the Measured and Indicated categories, and 6.44 million pounds eU3O8 in the Inferred category. This revised resource estimate represents a net increase to the Lost Creek Property (all projects) of 3.15 million pounds eU3O8 in the Measured and Indicated categories and 1.40 million pounds eU3O8 in the Inferred category when compared to the previous estimate in the June 17, 2015 Technical Report. The following table shows the resulting increase to Lost Creek Property resources due to this further evaluation:
UR-Energy Vice President of Operations, Steve Hatten, commented:
This current resource increase, which is based on the production experience gained at Lost Creek and our exploration drilling this year, continues to exceed our initial expectations and provides further proof that the Lost Creek Property has the ability to be a long-term profit center for Ur-Energy.