| Announcement Date: | 2022-02-15 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | JORC |
| Company name: | Lotus Resources Ltd. |
| Project name: | Kayelekera |
| Location: | Malawi |
| Commodities: | Uranium |
| Highlight: | Updated Resource Estimate for Project |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Lotus Resources Limited (ASX: LOT, OTCQB: LTSRF) (Lotus or the Company) is pleased to announce the Mineral Resource Estimate (MRE) for the Kayelekera Uranium mine (Kayelekera or the Project) in Malawi has increased to 46.3Mlbs at 500 ppm U3O8. This is a 23% increase compared to the previous MRE. The updated MRE will form the basis of a revised mine plan to be incorporated in the Definitive Feasibility Study (DFS), that remains on track for mid-2022. The updated MRE (Table 1, Figures 1 and 2) has been reported in accordance with the JORC Code (2012) and is based upon ongoing technical review undertaken by site geologists since the previous MRE was undertaken and includes results of the recent drilling completed in late 2021. The MRE utilised the same methodology that was undertaken in the previous MRE with modelling of individual arkose units within the deposit (Figures 3 and 5) and also included re-modelled lower arkose unit. The updated MRE also incorporates mining and processing depletion |
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