Lotus Resources (ASX:LOT) reports it has intercepted uranium mineralisation from the inaugural greenfield exploration at the Chilumba Prospect, located in Malawi.
In early 2022, Lotus commenced an inaugural exploration drill program at Chilumba, and the program consisted of 1,140m, drilling 7 reverse circulation (RC) holes (3 vertical and 4 angled) that were designed to test surface radiometric anomalism that had been identified by previous explorers.
Significant drill intersections include:
- 1m @ 123ppm U3O8 from 172m in CH001.
- 1m @ 200ppm U3O8 from 172m in CH002, including 3m @ 138ppm U3O8 from 38m, 3m @ 382ppm U3O8 from 43m, and 1m @ 199ppm U3O8 from 128m.
- 1m @ 127ppm U3O8 from 5m in CH003, including 1m @ 134ppm U3O8 from 27m.
- 1m @ 154ppm U3O8 from 62m in CH007.
The best results were from drillhole CH002 located to the northwest sector of the prospect which intersected a 12m thick anomalous zone from 38m to 46m.
Two separate zones within the interval, including 3m grading 382ppm U3O8 from 43m, were identified.
The drilling was carried out by Thompson Drilling with downhole radiometric (gamma) logging undertaken by experienced local contractors under the supervision of Lotus geologists.
Selected mineralised intervals were analysed for uranium by ALS Laboratories in Johannesburg
Drillholes CH001 and CH003, which both intersected anomalous uranium mineralisation, appear to be located peripheral to an interpreted north-westerly tending channel or northeast-southwest fault zones.
Lotus Managing Director Keith Bowes said while the company’s major focus this year has been on the recently completed Definitive Feasibility Study for the Kayelekera Uranium Mine, Lotus recognises the opportunity for new discoveries across its entire tenement package.
“This potential is perhaps greatest in our southern project area, where little to no historical exploration work has been undertaken”
“This potential is perhaps greatest in our southern project area, where little to no historical exploration work has been undertaken.
The Chilumba prospect was identified, and subsequently tested through a surface radiometric anomaly, and we are delighted to have successfully encountered uranium mineralisation in our first limited drill program.
Whilst further work is clearly required at Chilumba, as well as our other regional targets, the opportunity for new uranium discoveries is clearly there.
The Company is currently reviewing the opportunity to undertake additional exploration work, including more drilling at both Chilumba and Livingstonia, along with a broader regional program.”
The Chilumba Prospect lies within the Chilumba exploration tenement which is located in northern Malawi, approximately 80km southeast of the Company’s Kayelekera Uranium Mine.
Lotus is currently reviewing the opportunity to undertake additional drilling at Livingstonia to follow up on ‘high-grade’ trends identified in that program.
At the same time, a program to further delineate the Chilumba mineralisation by following up on the interpreted north-westerly tending channel will be considered.
Combined with Lotus’ Livingstonia tenements, this covers an area of 300km-square.
Lotus Resources owns an 85% interest in the Kayelekera Uranium Project in Malawi. The project hosts a current resource of 51.1Mlbs U3O8, and historically produced around 11Mlbs of uranium between 2009 and 2014.
Lotus completed a positive Restart Study which has determined an Ore Reserve of 23Mlbs of U3O8 and demonstrated that Kayelekera can support a viable long-term operation and has the potential to be one of the first uranium projects to recommence production in the future.