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Geology & Resources

Kayelekera is a sandstone-hosted uranium deposit associated with the Permian Karoo sediments and is hosted by the Kayelekera member of the North Rukuru sediments of the Karoo. The mineralisation is associated with seven variably oxidised, coarse grained arkoses, separated by shales and chocolate coloured mudstones. Uranium mineralisation occurs as lenses primarily within the arkose units and, to a lesser extent, in the mudstone units. The lowest level of known mineralisation currently is at a depth of approximately 160m below surface.

MINERAL RESOURCES AND ORE RESERVES ESTIMATION

The geological model for the project is based on extensive pit mapping and structural modelling. The geological model aids in targeting mineralisation within the regional tenement package.

Mineral Resources and Ore Reserves conforming to both the JORC(2004) code are detailed below.

Mineral Resource at 300ppm U3O8 Cut-off

  Mt Grade 
ppm
U3O8
Mlb U3O8
Measured 0.74 1,011 1.66
Indicated 12.71 700 19.62
Stockpiles 1.59 756 2.64
Inferred 5.4 623 7.4
Total 20.4 695 31.2

 

(Figures may not add due to rounding and are quoted inclusive of any Ore Reserves and are depleted for mining to end of June 2014).

The Mineral Resource is unchanged from that previously reported except for depletion due to mining activities to 30 June 2014. The Mineral Resource estimate is based on Multi Indicator Kriging techniques with a specific adjustment based on parameters derived from the mining process.

ORE RESERVES

Economic analysis on this Mineral Resource has indicated a break-even cut-off grade of 400ppm U3O8.

Ore Reserve at 400ppm U3O8 Cut-off

  Mt Grade 
ppm
U3O8
Mlb U3O8
Proved 0.39 1,168 1.00
Probable 5.34 882 10.38
Stockpiles 1.59 756 2.64
Total 7.32 870 14.03

 

(Figures may not add due to rounding and are depleted for mining to end of June 2014).

The underlying Ore Reserve is unchanged from that announced in 2008 and has only been depleted for mining until 30 June 2014.

Latest prices

ASX A$ 0.20

Latest Prices

TradeTech U3O8 spot US$27.30/lb
TradeTech U3O8 long term US$31.00/lb

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