Coffey Mining (Perth) was commissioned to provide a mineral resource estimate for the extended area of uranium mineralisation to the east of the Initial JORC Resources Area at INCA.
Later, Coffey’s scope was expanded to include a re-estimation of the mineral resource for the Initial JORC Resources Area that was previously estimated by MSA Group of South Africa (MSA) in July 2010.
MSA’s mineral resource estimate was limited to the Initial JORC Resources Area and totaled 17.1 million tonnes at 0.043% (434ppm)U3O8 for 7,429 tonnes or 16.4 million pounds of contained U3O8 at a cut-off grade of 200ppm U3O8.
Coffey’s mineral resource estimate for the Initial JORC Resources Area was lower and totaled 15 million tonnes at 0.041% (405ppm) U3O8 for 6,077 tonnes or 13.4 million pounds of contained U3O8 at a cut-off grade of 250ppm U3O8.
Coffey’s revised estimate decreases total uranium resources in the Initial JORC Resources Area by 3 million pounds (-18%) but the grade remains above 400ppm U3O8.
Using 200ppm cut-off results in a very minor change in total uranium resources, but the grade decreases by 18% to 355 ppm U3O8.
Coffey also attempted to estimate the mineral resources for the extended area of mineralisation to the east of Initial JORC Resources Area.
