The move follows $0.5m share placement approval from shareholders for in-situ recovery project new phase of resource upgrade drilling program.
A 3,500m modified aircore drilling program will be carried out using the proceeds from the raising to progress the Carley Bore deposit to the next stage as well as to support a revised JORC Mineral Resource estimate and updated scoping study.
Scheduled to commence on 11 October 2013 and continue for several weeks, the program aims to elevate Zone 6 within the current inferred mineral resource (23Mt grading 330ppm U3O8 for 16.7 million pounds of contained U3O8 at a 150ppm cut-off) to Indicated status.
The program also aims to better define high-grade roll fronts which traditionally includes the bulk of ISR deposit mineralization.
Following completion of higher grade starter operation from Zone 6, the Scoping study will include higher grade areas within the larger Zone 1, which could increase cash flows in the early years of the project.
A revised resource estimate will be calculated following receipt of final geochemical assays and an updated Scoping study will be completed based on this resource.
