Vimy Resources Limited (ASX:VMY) announced that it has completed a maiden mineral resource estimate for the Angularli deposit, the most advanced of many prospects in its newly acquired Alligator River project (ARP) in Arnhem Land, Northern Territory.
As quoted in the press release:
The Angularli deposit is located within the King River-Wellington Range project, which has 1,600km2 of granted tenure and is being actively explored for unconformity-related uranium deposits. The King River-Wellington Range project is the subject of a Joint Venture (JV) with Rio Tinto Exploration Pty Limited (Rio Tinto), a wholly owned subsidiary of Rio Tinto Ltd, with current JV interests of Vimy: 75 percent / Rio Tinto: 25 percent.
During due diligence for the ARP acquisition, Vimy commissioned an independent JORC Mineral Resource estimate by Optiro Consultants. The maiden Inferred Mineral Resource (Table 1) contains approximately 26Mlbs U3O8 for 0.91Mt at 1.3 percent U3O8, at a cut-off grade of 0.15 percent U3O8 (Vimy 75 percent).
Highlights are as follows:
- Maiden Inferred Mineral Resource of approximately 26Mlbs U3O8 for 0.91Mt at 1.3 percent U3O8, at a cut-off grade of 0.15 percent U3O8 (Vimy 75 percent)
- Best drill intercept of 22.9m at 4.63 percent U3O8 from 244.6m
- Significant exploration upside along untested parallel structures and along strike
- Exploration target established for the Angularli deposit
- Angularli scoping study and further drilling to be undertaken in 2018