The JORC resource also includes an increased indicated resource of 21.9Mlbs with an increased grade of 1,242ppm eU3O8 (cut off of 600ppm eU3O8), which is a 30% increase, the company said.
The Karoo resource increase is the result of the inclusion of data from the 2013 drill program as well as implementation of a revised block model reporting methodology in line with the Local Uniform Conditioning formalism.
Peninsula Energy executive chairman Gus Simpson said that the resource upgrade has the potential to enhance the overall project economics at Karoo.
"Current activities are focused on the feasibility work and completing further delineation drilling to add to resource inventories," Simpson added.
Currently, pre-feasibility work underway following completion of metallurgical test work at the end of February and Mintek is preparing the final test work report for issue by the end of March.
