Perth-based uranium exploration and development company Vimy Resources Limited (VMY:ASX, VMY:OTCQB), announced results from the first two diamond drill (DD) holes drilled at its 100% owned Angularli Deposit in Australia's Northern Territory.
The company advised that DD rigs successfully intercepted new uranium mineralization thereby extending the known boundary of the Angularli Deposit in an up-dip direction around 200 meters above what was previously believed to be the limit of uranium mineralization.
The firm highlighted results from drill hole ARDD0004 which registered segments of 5.40 m of 0.45% eU3O8 and 6.35 m of 0.95% eU3O8, including 2.95 m of 1.42% eU3O8. The company added that data from drill hole ARDD0003 also returned excellent results that included 4.50 m of 0.56% eU3O8 starting from a depth of 184.7m.
The firm advised that the data collected in these first two holes warrant additional investigative drilling further up-dip from the current drill holes in order to determine and potentially extend the scope of the mineralization contained within the Mamadawerre Sandstone Formation.
The company's Managing Director and CEO Steven Michael commented, "Our team is very excited by the early success achieved in the first two holes at Angularli, which contains the highest uranium grade of any known uranium resource within Australia. These first two holes continue to demonstrate the growth potential of Angularli to increase in scale and value."
"Drilling continues with additional up-dip and down-plunge holes and Vimy expects to update the mineral resource in late 2022," Michael added.
The Angularli Deposit is part of the Alligator River Project, which is located roughly 380 km by road from the city of Darwin in the Northern Territory. Angularli is host to an Inferred resource estimate of 25.9Mlb U3O8. The resource estimate for Angularli was completed based upon results gathered from a total of 30 DD holes completed to date. The firm noted that the best intercept recorded so far at Angularli was in hole WRD0084 which returned 41.5 m of 2.93% U3O8, including 22.9 m of 4.63% U3O8.
Vimy Resources indicated that it intends to drill a minimum of 19 DD holes at Angularli over the course of the next four months. The first phase of drilling will include seven holes designed to target up-dip and down-plunge extensions with the goal of testing and expanding the existing resource. Following that, 12 additional DD holes are scheduled to for the Angularli North, South and West prospects.
The company stated that the results aggregated from testing the up-dip and down-plunge of the Angularli Deposit will be utilized and incorporated into the updated mineral estimate which it expects to be completed later this year.
Vimy Resources is a resource development company headquartered in West Perth, Western Australia. The firm is focused on exploration and development of uranium assets in Australia. The company's flagship property is its wholly owned Mulga Rock project which is situated east-northeast of Kalgoorlie in the Great Victoria Desert. Mulga Rock is one of Australia's largest undeveloped uranium resources with estimated total metal content reserves of 42.3 Mlb U3O8.
Vimy also owns a 100% interest in the Alligator River Project located in the Alligator River uranium district in the Northern Territory. The region is one of the top three global uranium districts. As of March 2018, the Alligator River Project's Angularli deposit had an Inferred resource of 24.9 Mlb U3O8.
Vimy Resources started the day Monday with a market cap of around $134.6 million with approximately 1.165 billion shares outstanding. VMRSF shares opened 8% higher Monday at $0.125 (+$0.0094, +8.13%) over the previous day's $0.1156 closing price. The stock traded between $0.125 and $0.1375 per share and closed for trading at $0.1375 (+$0.0219, +18.94%).
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