Lotus Resources has announced the acquisition of the 6 Mlb U3O8 Livingstonia Uranium Project located 90 km from its Kayelekera Uranium Project in Malawi.
This acquisition increases the Company’s mineral resource base as well as having the potential to become a future satellite operation for the Company.
Keith Bowes, Managing Director, commented:
“This is an extremely accretive acquisition for Lotus with the potential to increase our global mineral resource by 16% for less than $0.004 / lb U3O8. More importantly, we have increased our landholding at the highly prospective, yet poorly explored Livingstonia region, to 187km2.
There are multiple walk up, drill ready targets across our Livingstonia tenements, including at the boundary of the Livingstonia resource where an airborne radiometric survey indicates mineralisation continues into our existing tenements.
This area, as well as the high- grade intercepts previously reported, will be the basis of the first phase of exploration which will commence towards the end of this year. Other prospective targets, including Livingstonia North and Chilumba, will be tested in future exploration programs.
Assuming exploration success, the Company will undertake ore sorting test work on the Livingstonia material in 2022 as part of the process for determining whether Livingstonia could become a future satellite operation for the Company.”