Vimy Resources Limited (ASX:VMY, OTCQB:VMRSF) is preparing to undertake a major resource extension drilling programme at its 100%-owned Angularli Project in Australia’s Northern Territory in June 2022.
Work completed since the acquisition in 2018 has shown the potential of the Alligator River Project to develop into a Tier 1 global uranium project.
The company is accelerating its resource extension drilling programme at Angularli, following the lifting of access restrictions due to the COVID-19 pandemic.
The main Angularli deposit is open at depth and parallel uranium-bearing structures have been identified to the southwest and along strike to the north and south.
In addition to the existing Mineral Resource, Angularli has an Exploration Target of between 20-60Mlbs U3O8 for 1.2-1.8Mt of uranium mineralisation at a grade of 0.75% – 1.5% U3O8.
The potential quantity and grade of the Exploration Target are conceptual in nature and important to note that there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
“Vimy has been focused on achieving key milestones at our flagship Mulga Rock Project in Western Australia,” Managing Director and CEO, Steven Michael, said.
“However, with the easing of access restrictions due to COVID 19 at the Alligator River Project in the Northern Territory, we will now commence the first drilling programme at the world-class Angularli deposit since 2018.
“The 19-hole diamond drilling programme will target extensions to the existing resource and potential new deposits at Angularli North, South and West.
“Western Arnhem land is one of the premier uranium addresses in Australia. Our large landholding and the high-grade nature of mineralisation at Angularli make it extremely valuable.
“We are excited about the potential of this project as, coupled with the results of ore sorting trials in 2020, the economic viability of this project at all reasonable uranium price scenarios now comes into close focus.”
Angularli Uranium Deposit
The Angularli deposit is part of the Alligator River Project, which lies approximately 380km by road eastnortheast of Darwin in the Northern Territory of Australia. Vimy has the largest granted exploration tenure package, 1,701 sq. km within the Alligator River Uranium Province, and is actively exploring for high-grade unconformity-related uranium deposits similar to those found in the Athabasca Basin.
The Alligator River Project has multiple uranium targets with Angularli being the most advanced deposit and the main focus of the Company’s exploration effort. The Angularli deposit is hosted in a high angled shear fault system, which is analogous to the Cigar Lake (Cameco) and Phoenix (Denison) deposits in the Athabasca Basin, Canada. Angularli has an Inferred Mineral Resource estimate of 0.91Mt at a uranium grade of 1.29% U3O8 (12,900ppm U3O8) containing 26Mlbs U3O8.
For further information please visit: https://www.vimyresources.com.au/
