In news that is likely to be well received by investors, Extract Resources (ASX: EXT) has announced a new JORC resource estimate of 145 million pounds of uranium (U308) for Zone 1 Rossing South Project in Namibia.
This is a 34% increase from the previous estimate, 20 per cent of that resources in now in the Indicated category.
Overall resource grade has also increased to 449 ppm u308.
This represents the highest granite-hosted uranium deposit in Namibia. A maident resource for Zone 2 at Rossing South is due in August 2009. Together, on current trends would place Rossing South into the top 1p global uranium deposits by containted metal.
Importantly, both Zone 1 and Zone 2 desposits are still open along strike and down dip, pointing to possibility of additional resources.
Extract’s Managing Director, Peter McIntyre, said “The significance of the recent high grade intersections we have been reporting, are now being reflected in this major deposit. This resource base is expected to support a long life, large scale open pit mining operation and a feasibility study is in progress to quantify this potential.”
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