Lotus Resources Achieves Major Milestone with Thick Uranium Intersections at Letlhakane
LOTUS RESOURCES LIMITED (LOT) Share Update September 2024 Monday 9th
Lotus Resources Reports Significant Uranium Discoveries at Letlhakane
Lotus Resources Limited (ASX: LOT, OTCQX: LTSRF) has announced impressive results from its recent drilling program at the Letlhakane Uranium Project in Botswana, revealing some of the thickest continuous zones of uranium mineralization to date.
Instant Summary:
- Intersections of up to 26.1 meters of continuous uranium mineralization.
- Diamond drilling at Serule West completed; commenced at Gorgon West.
- All additional infill drill holes have intersected mineralization, confirming continuity and grade.
- Drilling on track to be completed in September 2024, with updated MRE in November 2024.
- Exploration drilling started in the western portion of the mining lease.
Drilling Results
Lotus Resources Limited has reported results from an additional 35 holes drilled at the Letlhakane Uranium Project, bringing the total to 134 reverse circulation (RC) holes and 10 diamond holes. The latest drilling has intersected some of the thickest continuous zones of uranium mineralization seen so far, with one hole (MOKR2650) showing 26.1 meters at 265ppm eU3O8 starting from 30.2 meters.
Other significant intersections include:
- MOKR2671: 24.9m at 180ppm eU3O8 from 8.2m
- MOKR2655: 4.1m at 597ppm eU3O8 from 39.5m, including 1.8m at 1,253ppm eU3O8 from 40.7m
- MOKR2651: 2.1m at 2,053ppm eU3O8 from 50.8m
- SEDD0037: 3.9m at 469ppm eU3O8 from 48.4m
- SEDD0037: 3.1m at 467ppm eU3O8 from 61.3m
- SEDD0039: 3.9m at 594ppm eU3O8 from 44.8m
Project Progress
Diamond drilling at Serule West is complete, and drilling has commenced at Gorgon West to obtain samples for metallurgical test work and QAQC assaying. The infill drilling program is on track to be completed in September 2024, with an updated Mineral Resource Estimate (MRE) expected in November 2024.
Exploration drilling has also started in the western portion of the mining lease, testing historical intercepts outside the defined resources. The scoping level study for Letlhakane remains on track for delivery in the first half of September 2024.
CEO's Comments
Lotus CEO Greg Bittar commented, 'As we move towards the conclusion of our infill program at Letlhakane, we continue to be extremely pleased with the drilling results. Out of 144 holes reported, 141 have intersected uranium mineralization, confirming the continuity and grade. Furthermore, we have intersected the thickest continuous zones of mineralization seen so far at the deposit, including 26.1m at 265ppm.'
The discovery of thick continuous zones of uranium mineralization is a significant milestone for Lotus Resources. This could lead to an upgrade in the classification of the Letlhakane MRE, potentially increasing the project's economic viability. The positive drilling results are likely to boost investor confidence and could have a positive impact on the company's stock price.
Investor Reaction:
Analysts are likely to react positively to this announcement, given the substantial intersections and the potential for resource upgrades. The confirmation of continuity and grade across multiple holes strengthens the project's prospects, making it an attractive investment opportunity.
Conclusion:
Investors should keep an eye on Lotus Resources as it progresses towards completing its drilling program and updating its Mineral Resource Estimate. The company's strategic development of the Letlhakane Project, alongside the restart of uranium production at Kayelekera, positions it well for future growth.