Vimy Resources Limited (ASX:VMY, OTCQB:VMRSF) will next month commence a major resource extension drilling program at the high-grade Angularli deposit, part of the company’s Alligator River project in the Northern Territory.
Work completed since the acquisition of Alligator River in 2018 has shown the potential of the project to develop into a Tier 1 global uranium project. Vimy is accelerating its resource extension drilling program at the Angularli deposit following the lifting of access restrictions due to COVID-19.
The main Angularli deposit is open at depth and parallel uranium-bearing structures have been identified to the south-west and along strike to the north and south. Angularli has an existing Inferred Mineral Resource of 0.91Mt at a uranium grade of 1.29% U3O8 containing 26Mlbs of U3O8. To date the best drill hole intercept is 41.5m at 2.93% U3O8 including 22.9m at 4.63% U3O8.
“Vimy has been focused on achieving key milestones at our flagship Mulga Rock project in Western Australia. However, with the easing of access restrictions due to COVID 19 at the Alligator River project in the Northern Territory, we will now commence the first drilling program at the world-class Angularli deposit since 2018,” managing director Steven Michael said.
“The 19-hole diamond drilling program will target extensions to the existing resource and potential new deposits at Angularli North, South and West. Western Arnhem land is one of the premier uranium addresses in Australia. Our large landholding and the high-grade nature of mineralisation at Angularli make it extremely valuable.
“We are excited about the potential of this project as, coupled with the results of ore sorting trials in 2020, the economic viability of this project at all reasonable uranium price scenarios now comes into close focus.”