More yellowcake at Bigrlyi
Mining Net News
ENERGY Metals, manager of the Bigrlyi joint venture in the Northern Territory, has received positive uranium intercepts from the latest round of drilling at the project.
Downhole calibrated gamma probe results from reverse circulation and diamond drilling included 4.8m at 0.47% equivalent uranium oxide, 1.7m at 0.26% equivalent uranium oxide, 5m at 0.16% equivalent uranium oxide and 2.75m at 0.23% equivalent uranium oxide.
The Bigrlyi project has resources of 23.4 million pounds uranium and 43.7Mlb vanadium.
Results of a scoping study completed in July indicated Bigrlyi has the potential to produce 16.2Mlb uranium and 14.5Mlb vanadium over a 12-year mine life.
Bigrlyi is a JV between Energy Metals (53.7%), Paladin Energy subsidiary Valhalla Uranium (42.1%) and Southern Cross Exploration (4.2%).
Shares in Energy Metals were unchanged at 46.5c, Paladin shares had jumped 19% or 36c to $2.28, while shares in Southern Cross were unchanged at 2c.