Development prospects of WildHorse Energy's (ASX: WHE) Pecs uranium project in Hungary have improved.
WildHorse Energy has raised $2.9 million via a one for four entitlement issue at 10 cents per share.
Funds will be used to develop the Mecsek Hills (Pécs) project in Hungary - specifically in progressing the cooperative agreements with Mecsek‐Öko and Mecsekerc. Mecsekérc is the state owned privatised company in Hungary.
Europe is the world’s largest uranium market.
This has resulted in a technical and economic evaluation of the project area. A preliminary scoping study of the Mecsek Hills project has suggested development potential of the project. An environmental license has been granted for drilling program at Pécs to increase the resource base.
Investors may recall that current JORC inferred resource at Mecsek Hills is 30mlbs at a grade of 0.08% U3O8 for the project. Exploration target for the Mecsek Hills project area is 90 to 120 mlbs of U3O8 with a grade range of 0.08‐0.12%.
WildHorse will commence drilling and continue resource definition and the start of a Pre-feasibility study.
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