MINING company Kalahari Minerals Plc said on Friday drilling at Husab Uranium project in Namibia showed higher uranium prospects than expected, sending its shares up as much as six per cent.
‘Chemical assay results confirm massive mineralised system with multiple zones of high grade uranium mineralisation…,’ Namibia-focused Kalahari said in a statement.
The drilling update was released by Australia-based uranium explorer Extract Resources Ltd, in which Kalahari holds a 39,6 per cent stake. Extract’s principal asset, Husab, consists of three known uranium targets – Ida Dome, Hildenhof and Rössing South.
With the results, Kalahari said it remained confident of the potential of Husab and the project being defined as one of the world’s largest uranium prospects.
At Ida Dome, the results suggest that the resource will greatly exceed the 25,1 million pounds of uranium oxide reported last year, the company said.
Kalahari also said the resource statement from Rössing South Zone 2 would be at the higher end of its estimate of about 105 million pounds of uranium oxide.
On January 27, Extract had revealed an initial resource estimate of 108 million pounds of uranium oxide at Rössing South, which was considerably higher than its expectations.
Kalahari shares were up about six percent at 45,7 pence on the London Stock Exchange.
– Nampa-Reuters
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