[miningmx.com] — Extract Resources, an Australian-based uranium exploration and development company whose primary focus is in Namibia, on Wednesday announced a resource upgrade that moves its Rossing South property
among the top six global uranium deposits by contained metal.
The company said the property has also been confirmed as the largest on-site and highest grade granite-hosted uranium deposit in Namibia.
Extract Resources, which is 41% owned by AIM-listed Kalahari Minerals,
announced a 37% increase in total resources six since July last year with some parts showing a tenfold rise.
The company said that that indicated resources, the most accurate broad measure of underground material, showed £257m of uranium oxide.
This estimate was based on 241 million tonnes for zones one and two of the site.
Inferred resources amounted to £110m.
Extract said the increased resource underpins the company’s next milestone, which is the completion of the Definitive Feasibility Study in the fourth quarter of this year.
It also takes Extract another step towards becoming a major uranium producer.
“The resource upgrade at Rossing South is a significant step forward for the
company and for the Husab Uranium Project,” said Extract managing director
Jonathan Leslie.
“We also expect that the resource base will continue to increase with on-going
drilling. Once in full production, the Husab Uranium Mine is expected to become the
second largest producer in the world,” Leslie said.
Extract Resources is listed on the Australian, Toronto and Namibian Stock
Exchanges.
