Peninsula Energy Announces Substantial Resource Increase at Wyoming Uranium Projects | News Direct

Peninsula Energy Announces Substantial Resource Increase at Wyoming Uranium Projects


facebook icon linkedin icon twitter icon pinterest icon email icon Melbourne, Victoria | May 14, 2024 03:55 PM Eastern Daylight Time

Peninsula Energy CEO Wayne Heili joined Steve Darling from Proactive to share significant updates regarding the Mineral Resource Estimate (MRE) for the company's Lance Projects situated in Wyoming, USA, a region renowned for its prominence in uranium mining. The MRE, calculated based on In-situ Recovery methods, has undergone a substantial increase, now standing at 58.0 million pounds U3O8. This represents a noteworthy 7.8% uptick from the previous estimate of 53.8 Mlbs, attributable to the fruitful drilling campaigns conducted in 2023 within the Ross and Kendrick Areas of the Project. Heili underscored the strategic significance of this augmented resource base, particularly in light of ongoing initiatives by the United States government aimed at revitalizing domestic uranium production and bolstering the nation's nuclear fuel cycle capacity. As Peninsula Energy prepares for the resumption of commercial production at its Lance Projects, the timing of this resource enhancement couldn't be more opportune. Furthermore, the MRE expansion isn't merely confined to overall estimates but extends to specific areas earmarked for the Life-of-Mine economic study. In these designated zones, the Mineral Resource Estimate surged by a remarkable 19.6%, signaling promising prospects for sustained growth and operational viability. Looking ahead, Peninsula Energy has outlined comprehensive plans for additional delineation and development drilling endeavors across the Ross and Kendrick areas throughout the current calendar year. These initiatives will serve as crucial precursors to the preparation and dissemination of future updates to the JORC Code compliant Mineral Resource Estimate for the Lance Projects.



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