Mr. Len Jubber reports
BANNERMAN SIGNIFICANTLY EXPANDS ETANGO PROJECT URANIUM RESOURCE
An updated and substantially larger mineral resource estimate has been completed for Bannerman Resources Ltd.'s Etango project.
Highlights:
- 31-per-cent increase in total contained metal;
- Measured and indicated resources total 336.2 million tonnes at 201 parts per million (ppm) for 148.7 million pounds U3O8, and inferred resources total 164.6 million tonnes at 176 ppm for 63.9 million pounds U3O8. The estimate is reported at a cut-off grade of 100 ppm U3O8;
- Updated resource estimate includes inferred resources for the Ondjamba and Hyena satellite deposits for the first time;
- Adoption of ordinary kriging methodology, resulting in more tonnes at a lower grade than the previous estimate, is considered a more prudent approach for modelling the Etango deposit;
- The increased resource estimate has the potential to extend the total project mine life.
"The 31-per-cent increase in the Etango resource follows the recent successful application of the RadonX exploration method in areas where desert sand cover has rendered the more frequently used radiometric methods ineffective," said Len Jubber, Bannerman's chief executive officer. "The discovery of the Ondjamba and Hyena deposits has encouraged our confidence in the targets identified from the RadonX survey. We continue to investigate other prospects that could potentially continue to expand the size of the Etango project.
"Importantly, we have taken the prudent decision to revert to the ordinary kriging resource modelling approach following a review of the study activities to date. It should however be noted that radiometric truck scanning technology in use at existing hard rock open pit uranium mines presents the opportunity to conduct selective mining, and hence optimize the project economics.
"The continued resource growth comes as no surprise and the globally significant scale, demonstrably low technical risk and excellent location of the Etango project underpins our belief in its strategic value at a time when the nuclear energy sector is growing rapidly," highlighted Mr. Jubber.
A complete technical description of the resource update is available on the company website and on SEDAR.