Emerging lithium producer Core Exploration (ASX: CXO) has updated the market on work undertaken at its Napperby uranium project in the Northern Territory. The Napperby uranium resource has been re-estimated to follow the JORC 2012 Code guidelines, and contains an inferred mineral resource estimate of 9.54Mt at 382ppm U3O8 for 8.03Mlb of contained U3O8 at a 200pm U3O8 cut-off. To remain focused on its Finniss lithium project, Core has commenced engaging with interested parties regarding a sale or partial sale of Napperby.
· The Napperby Uranium Resource has been re-estimated to 2012 JORC CodeInferred Mineral Resource of 9.54Mt at 382ppm U3O8 for 8.03 Mlb of contained U3O8 (at a 200 ppm U3O8 cut-off)
· New Mineral Resource estimate reflects an improved grade and increased contained uranium from the historic 2004-JORC Resource
· Napperby is one of the few undeveloped uranium deposits in Australia within a favourable jurisdiction where uranium is currently produced
· Significant potential remains to grow Napperby through further drilling of the immediately surrounding mineralisation
· In addition, there is substantial potential for additional uranium mineralisation within Core’s large 714 km2 prospective project area at Napperby
· Core has been contacted by multiple parties expressing interest in Napperby, and will assess various avenues to maximise the value to Core shareholders, whilst our focus remains on the development of the Finniss Lithium Project
· Uranium spot price has increased by 35% over past year as new reactor builds come on-line globally
· Innovative ore processing technologies are improving economics of similar uranium projects in Australia and Africa
Core Exploration Ltd (ASX: CXO) (“Core” or the “Company”) is pleased to announce that the Mineral Resource for its 100%-owned Napperby Uranium Deposit in the Northern Territory has been re-estimated to follow the JORC 2012 Code guidelines. The Napperby Uranium Inferred Mineral Resource estimation defined by SRK Consulting comprises 9.54Mt at 382ppm U3O8 for 8.03 Mlb of contained U3O8 at a 200 ppm U3O8 cut-off.
Napperby also includes significant Vanadium mineralisation that represents a 9.54Mt Inferred Mineral Resource at 236ppm V2O5.
Only a quarter of the known mineralised area defined by Uranerz in the 1980’s at Napperby has been drilled to sufficient density to estimate a mineral resource. The larger mineralised area (25km x 5km) surrounding and adjacent to the deposit has strong potential to be incorporated into Mineral Resources through further drilling.
Core is also confident that further calcrete uranium mineralisation can be defined in the 750km2 project area held by the Company. Potential for additional calcrete-style uranium mineralisation in the district is also highlighted by the nearby Cappers uranium resource of 7Mlb at 145 ppm U3O8 (Energy Metals Annual Report 2017; Figure 3). The mineral resource re-estimation by Core supersedes a previous estimation carried out under the 2004-JORC Code by Toro Energy (Deep Yellow ASX release 9/9/2016; CXO ASX release 15/2/2017) and has resulted in an increase in the contained U3O8 tonnes and an improvement in average grade.