Bannerman Resources has announced an updated mineral resource estimate at its 80% owned Etango uranium project in Namibia. The Etango mineral resource estimate now comprises measured and indicated resources of 142.1 million pounds of U3O8 at an average grade of 223 ppm U3O8, and inferred resources of 20.0 million pounds of U3O8 at an average grade of 216 ppm U3O8. Overall metal content has increased 7%.
The increase of the measured resource to 26.8 million pounds U3O8 at an average grade of 221 ppm U3O8, equates to 17% of the total mineral resource estimate versus 1% previously. The 38% increase in measured and indicated resources from 102.8 to 142.1 million pounds of U3O8, accounts for 88% of the total mineral resource estimate.
The cut-off for the resource estimate is 100 ppm U3O8. About two thirds of the total mineral resource estimate is located within 200 metres of the surface.
Resource extension drilling continues at Etango and a further resource update is expected in the third quarter of this year as part of the definitive feasibility study which is underway.
Bannerman CEO, Len Jubber says, “Almost five years of production in the initial years of the project life have been defined to measured resource classification, the highest level of estimation confidence. Drilling has confirmed a contiguous mineral resource about six kilometres in length, which will form the basis of the definitive feasibility study mining review scheduled to be completed by mid year.
“The near project and regional exploration program initiated in the March quarter will focus on target generation on the Etango tenement using radon cup surveys and ground-based geophysics. The Etango licence area contains the bulk of Bannerman’s known prospects and anomalies, and lies in the heart of the welldefined hard-rock uranium mineralisation corridor.”