AN UPDATED in-house scoping study into the development of the Bigrlyi joint venture project in the Northern Territory has revealed a 93% and a 107% ramp up in uranium and vanadium production respectively on the initial study into the project.

Investors welcomed today’s news with the Bigrlyi JV manager, Energy Metals, jumping as much as 14c (15%) on the local bourse to an intraday high of $1.10 in morning trade after announcing the study results.

The updated scoping study, conducted by Paladin Energy, showed uranium production had increased from 8.4 million pounds to 16.2Mlb while vanadium production had increased from 7Mlb to 14.5Mlb.

The results from the study included a four-year increase to the project’s mine life from 8 to 12 years with improved plant utilisation.

The study was based on the enlarged indicated and inferred resource announced in March of 7.56 million tonnes at 1396 parts per million uranium, 2616ppm vanadium for 10,555 tonnes contained uranium and 19,780t contained vanadium at a cut-off of 500ppm uranium.

Energy Metals said the study, which will be independently reviewed, demonstrated Bigrlyi was economically attractive and had potential to produce 16.2Mlb of uranium and 14.5Mlb vanadium over a 12-year mine life.

“As the Bigrlyi mineralisation remains open adjacent to openpit and underground mining positions evaluated by the study, Energy Metals considers that there remains excellent scope to delineate additional resources, which would further enhance Bigrlyi’s economics,” Energy Metals said.

“Ongoing metallurgical and engineering studies are also expected to identify opportunities to extend mine life and further improve project economics.”

The next drilling campaign at Bigrlyi will begin in August and is expected to continue until the end of the field season.

Energy Metals holds a 53.7% stake in the JV project while Paladin Energy subsidiary Valhalla Uranium holds 42.1% and Southern Cross Exploration holds 4.2%.

Southern Cross Exploration claims to hold a 5% stake in Bigrlyi, however Energy Metals and Paladin have disputed the matter, which is subject to arbitration between the parties.

Shares in Energy Metals cooled to $1.08 in late morning trade, while Paladin Energy remained unchanged at $5.37 and Southern Cross Exploration remained unchanged at 4.4c.