The company said that the results continue to return significant high grade uranium mineralization over long intervals including 47mt with a weighted average of 0.202% U3O8 (154.20ft grading 4.04 pounds of U3O8 per ton).
According to the company, these results represent the most significant intersection received to date on the Colibri 2 and 3 properties and supports its belief that Macusani Plateau properties contain sizable economic uranium deposits.
Earlier this year, it had released results from its Kihitian concession that exhibited grades of up to 11% U3O8. The recent results provide further evidence that there are areas of high-grade uranium concentration on the Macusani Plateau, the company said.
Last month, the company released an updated 43-101 report for the Colibri 2 and 3 properties, which outlined indicated resources of 2,095,658lbs of U3O8 at a grade of 0.44 per short ton and inferred resources of 14,492,321lbs of U3O8 at a grade of 0.34 per short ton.
The company has also completed a preliminary economic assessment for the Colibri 2 and 3 properties, which indicates a pre-tax IRR of 20.7% at $65 U3O8 long term price.
