The Conversation (0)
Summit Minerals Limited (ASX: SUM, “Summit” or the “Company”) is pleased to announce that it has acquired exploration license application E28/3249 through the acquisition of Radiant Exploration Pty Ltd for $40,000. This acquisition is in addition to two other exploration license applications that the Company has applied for in the Ponton Creek region (E39/2469 and E28/3426), which when granted would significantly increase the land package of its 100% owned Stallion Project, 175 km east- northeast of Kalgoorlie. The Company’s applications lie over palaeochannels prospective for aquifer sand and lignite-hosted uranium mineralisation in the Ponton Mulga Rock uranium province of WA (Figure 1) and capture the historical Highway and Shelf uranium deposits and several advanced prospects, including East Arm and Narnoo.
HIGHLIGHTS
- Stallion Uranium endowment grows to 7 Mlb U3O8 from 3.3Mlb adding 3.7 Mlb U3O8 with the addition of the Highway and Shelf uranium deposits
- Summit adds three exploration applications to the project: E28/3429, E28/3426 and E39/2469, located between Manhattan’s Double 8 and Deep Yellow’s Mulga Rock uranium deposits in the prospective Ponton Creek region
- The applications also capture drill-indicated mineralisation at Narnoo and East Arm
- Summit’s land holdings in the highly prospective region increase to 361 km2 from 196 km2
- The Stallion Uranium Project resource restatement and project expansion targeted for the first half of 2024
On conferring titles, the uranium endowment secured at the now larger Stallion Project grows to 7 million pounds (Mlb) U3O8 from 3.3 Mlb U3O8, an uplift of 3.7 Mlb U3O8. The applications host an Inferred Resource (JORC 2012) for the Highway uranium deposit of 5.7 million tonnes (Mt), for 1.9 Mlb U3O8 and an Inferred Resource (JORC 2012) for the Shelf uranium deposit of 5.9 Mt, for 1.8 million pounds (Mlb) U3O8; both utilising a 100 ppm U3O8 cutoff. The resources were established by Manhattan Corporation Limited (Refer to MHC ASX Announcement dated 23 January 20171).
Including the applications, Summit expands its holdings in the highly prospective uranium region from 196 km2 to 361 km2 and increases the length of palaeochannel-hosted uranium mineralisation under assessment from 8km to 28 km.
MHC previously stated that “the uranium mineralisation is in shallow reduced sand hosted tabular uranium deposits in a confined palaeochannel with uranium mineralisation that is potentially amenable to in-situ metal recovery (“ISR”), the lowest cost method of producing yellowcake with the least environmental impact”.
The Company intends to restate the resource, advance resource expansion work, and accelerate the exploration of high-priority regional targets, including those within the applications.
Figure 1 - Summit controls 361 km2 of exploration tenements and applications underlain by Tertiary palaeochannels at Stallion. These palaeochannels are known to host several uranium deposits and drilled uranium prospects, including the3.3Mlb Stallion uranium resource, 1.9Mlb Highway Uranium resource and the 1.8Mlb Shelf uranium resource.
Cautionary Statement
The resource estimates contained herein were prepared in accordance with the JORC (2012) Code by Manhattan Corporation Limited in 2017. The information has not materially changed since it was last reported. Nothing causes Summit to question the accuracy or reliability of the MHC estimates. Summit accepts the quoted estimates and the Competent Person’s (Hellman and Schofield) view that the resource classification appropriately reflects the deposit’s knowledge level. Summit has not independently validated the former owner’s estimates and is not to be regarded as reporting, adopting, or endorsing those estimates.
Full disclosures are required to comply with ASX's “Mining Report Rules for Mining Entities: See Frequently Asked Questions” FAQ 37 (Appendix 1) and the attached JORC Table (Appendix 2).
Summit’s Managing Director, Gower He, said:
“Considering recent global trends towards utilising nuclear energy as a clean source of baseload power, we are excited to increase our uranium exposure in anticipation of potential uranium-friendly legislative changes in WA. These acquisitions more than double our historical uranium resources as we work towards a resource restatement over the coming months.”
New tenure and applications
The recently granted tenement (E28/3251) and the new applications cover 20 kilometers of palaeochannels known for their uranium mineralisation potential, including hosting several uranium deposits and drilled uranium prospects.
Highway South Prospect
The Highway South tenement (E28/3251), granted in October 2023, separates the Highway and Highway South deposits. It contains 374 accessible drill holes, including seven sonic holes and 367 air core holes for over 24,000m of drilling. The Manhattan developed holes were on 400 m spaced lines at 100-metre centres along each grid line across the palaeochannel.
The tenement captures the southern and western extensions of the Highway Deposit.
Nippon Application (E28/3429)
The Nippon Exploration Licence Application, E28/3429, contains the historical resources of the Highway and The Shelf deposits. The Highway Inferred Resource contains an estimated 860 tonnes (1.9Mlb) of uranium oxide at a 100 ppm U3O8 cutoff. The Shelf Deposit contains an Inferred Resource estimated at 810 tonnes (1.8Mlb) of uranium oxide at a 100 ppm U3O8. Expanded summaries of the work related to each estimate are available in the modified JORC table (Appendix 1)3.
Manhattan’s resource estimate for the Highway deposit is based on 304 drill holes totaling 18,236m of drilling. Drilling has been completed on 200m and 400m spaced lines with holes drilled at 100m centres along each grid line across the palaeochannel within mineralised zones. All drill holes were gamma- logged.
Apart from some shallow lignite-hosted uranium mineralisation encountered along the northern part of the palaeochannel at Highway, the geological controls and style of the channel sand-hosted uranium mineralisation is like the mineralisation encountered at Stallion.
Manhattan’s resource estimate for the Shelf deposit is based on 352 drill holes totaling 21,550m of drilling. At the Shelf, drilling on 200m x 100m centres identified shallower lignite-hosted uranium mineralisation within the upper sandstone and claystone.
The application includes the East Arm prospect, where wide-spaced reconnaissance drilling in the 1980s intersected anomalous uranium mineralisation with similar grades to those reported for Stallion and other known deposits in the region.
Click here for the full ASX Release
This article includes content from Summit Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Boss Set to Ship First U308 from Honeymoon
Highlights
- Startup production exceeding ramp-up schedule per the feasibility study (FS) estimates
- NIMCIX columns 2 and 3 on target for commissioning in Q3 and Q4, respectively in 2024
- Commissioning continues to advance, with key metrics remaining ahead of FS estimates:
- oWellfields continue to average 80 - 100mg/L vs FS estimate of 47mg/L (~100% uplift)
- oIon Exchange loaded resin recoverability remains at 100%
- oResin loading normalising at FS estimate of 27 g/L
- oElution performance exceeding FS estimate at 7 – 9 g/L
- First uranium sale to occur with revenue being received this quarter
- Boss remains highly leveraged to rising uranium price
Boss will now make its first delivery to European nuclear utilities under its existing sales contracts, with revenue to be received in the current quarter.
With NIMCIX Column 1 performing to expectations and construction of Columns 2 and 3 on track for completion in the September and December quarters, 2024 respectively, Boss expects production to total at least ~850,000lbs of U308 by June 30, 2025, in line with its Feasibility Study schedule1.
Boss Managing Director Duncan Craib said:“The start-up phase at Honeymoon is proceeding comfortably to plan, with all the key metrics running in line with, or exceeding, the forecasts contained in the Feasibility Study schedule.
“Construction of the second and third columns is also advancing well, ensuring we are on track to continue increasing our production rates. Total production in FY26 is set to meet or exceed our feasibility study forecasts at 1.63Mlb. The addition of columns 4, 5 and 6 are forecast to further increase the production rate to nameplate capacity of 2.45Mlb/annum by year three.”
Figure 1: Drummed uranium ready for first shipment
Figure 2: Construction of columns 2 and 3 nearing completion to increase Honeymoon's production profile
Production update
Operational focus over the coming months remains on optimisation of the ion exchange, elution, precipitation and drying and packing processes.
Wellfield performance continues to impress, with tenors from individual wellfields into the PLS averaging 80 - 100 mg/L. Honeymoon’s feasibility study assumed PLS grade of 47 mg/L based on results from the project’s previous operation. Boss is managing the grade of uranium being leached to maximise wellfield recoveries.
Consumption of reagents in the wellfields of sulphuric acid and ferric (pH and Eh) are normalising as per FS expectations. The lixiviant chemistry, as proved during the field leach trial, continues to demonstrate superior performance at commercial throughput rates. The increased leach efficiency leads to a more efficient loading on the ion exchange resin, effectively lowering operating costs as less reagents and power are required per drum of uranium.
Stripping of uranium from the loaded resin continues to be virtually 100%, also demonstrating that the ion exchange process is working as designed, resulting in a high-grade concentrated eluate greater than 7-9 g/L.
Click here for the full ASX Release
This article includes content from Boss Energy Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Lo Herma ISR Uranium Project, Resource Drilling Funded
HIGHLIGHTS
- Upcoming Q3 resource drilling is fully funded
- Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U3O8 at average 630ppm
- Drilling to commence in the coming weeks - starting late July or early August
- Planned rights entitlement offer to all shareholders on the same terms as the recent placement - details to be provided in due course
As previously advised on 2nd of May 2024, the planned 2024 drilling permit at Lo Herma allows for up to 76 drill hole locations including construction of up to 5 groundwater monitoring wells. This next phase of drilling will focus on expanding the resource areas and where possible, upgrading the current mineral resource classification (Table 1). Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised. GTI intends to mobilise drilling rigs to Lo Herma as soon as the activity is fully permitted which is anticipated to be during late July or early August 2024.
Following completion of the 2024 drill program at Lo Herma, GTI intends to publish an updated mineral resource estimate and exploration target range for the project. The Company expects that the updated mineral resource estimate will support near-term development of a Scoping Study to demonstrate the economic potential of the project.
GTI Executive Director Bruce Lane commented, “We are pleased and excited to have received investor support and funding to continue moving forward with our planned resource expansion drilling at Lo Herma. Matt and the team in Wyoming have put us in a great position to complete the drilling program this quarter, with a revised mineral resource estimate to be rapidly advanced post-drilling. This work prepares GTI for a potential Lo Herma scoping study which we hope to commence later this year on the basis that we can significantly grow the uranium resource estimate to a similar scale to ISR uranium mines currently being constructed or planned in Wyoming at Ur-Energy’s Shirley Basin project & Encore’s Energy’s Gas Hills project.”
FIGURE 1. GTI WYOMING PROJECT LOCATIONS
LO HERMA GEOLOGIC SUMMARY
The Lo Herma project is located on the southern end of the west flank of the Powder River Basin (PRB), a regional asymmetric synclinal basin hosting a sedimentary rock sequence of about 15,000 feet in the deeper portions of the basin. The basin is bounded by the Bighorn Mountains on the west, the Black Hills to the east, and the Casper Arch, Laramie Mountains, and Hartville Uplift along the southern margin. Along the edges of the basin, progressively older sedimentary units outcrop at the surface as you move away from the synclinal axis of the basin.
The target host geology for Lo Herma project is located in and around the contact of the Eocene Wasatch Formation (Wasatch) and the Paleocene Fort Union Formation (Fort Union).
Click here for the full ASX Release
This article includes content from GTI Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
