Peninsula will acquire 36 prospecting rights (PR’s) comprising 5,600km² of the main uranium-molybdenum bearing sandstone channels in the Karoo basin.
The combined Karoo projects include an indicated and inferred resource (JORC 2012 Code) of 50.1mlbs U3O8 with a further exploration target of 200m -300mlbs U3O8.
Peninsula Energy executive chairman John Simpson said, "This fact and the development results over the past 12 months confirm that the Karoo Projects have the potential to become a second mining operation for the Company following the development of our Lance ISR Projects in Wyoming."
Ongoing exploration drilling is proposed over the next 3-5 years, focusing on the Eastern Sector RystKuil channel, to seek to expand the JORC-compliant resource within the exploration target areas.
