Australian uranium explorer Energia Minerals has delivered a significant 33% increase in the resource estimate for its flagship Carley Bore uranium deposit in Western Australia.
The company reports an increase in the inferred resource estimate to 23 million tons at a grade of 330ppm uranium oxide for 16.7 million pounds of contained uranium oxide.
Results were obtained from the in-fill and extensional drilling programs completed from 198 holes drilled within the resource boundary last year at the fully owned project.
The company plans another phase 2 air core drilling program, scheduled to be completed in June 2013.
Drilling program is expected to further expand resource at the Carley Bore uranium deposit.
Growth in resource suggests the potential to develop a low-cost In Situ Recovery (ISR) mining operation at Carley Bore, where the company expects to complete a scoping study within December 2013.
Energia managing director Kim Robinson commented that this interim resource upgrade demonstrates the quality and consistency of the Carley Bore deposit.
"More importantly, drilling to date has clearly shown the potential for further growth in the resource, which remains open.
"It is also worth noting that, with a uranium inventory of nearly 17 million pounds, Energia has an enterprise value per pound of U3O8 of around 14 cents," Robinson said.