The resource, which was independently estimated and verified by Coffey Mining, comprises an Indicated and Inferred Resource of 1.33Mt grading 704ppm U3O8 for 2 million pounds of contained U3O8 (using a 100ppm U3O8 cut-off).

This is the company’s first JORC resource in Mauritania and complements the initial JORC resource inventory of 17.7Mt @ 296ppm U3O8 (11.6 million pounds of contained U3O8) revealed last year for its Firawa Uranium Project in the Republic of Guinea.

Drilling through the Bin En Nar deposit is predominantly spaced at 35mt intervals in a south-south-west direction. The drilling database comprises a total of 50 diamond drill holes and 45 RC drill holes which were used to define the geometry and grade of the mineralization.

The majority of drill holes were collared at an orientation of approximately 230° (UTM) and have a dip of approx 50° to 60°. The maiden resource has been estimated using chemical assays as the primary dataset for the RC and diamond drill holes.

An Auslog total gamma probe was also used to measure U3O8 content in the RC holes. The company notes that total gamma eU3O8 logging of Auslog probe indicates the potential for an upgrade in the grade of some of the RC holes (which constitute 42% of the drilling data), often by a factor of two times to the current chemical data, over similar length intervals.

Chemical uranium assay results make up 96% of the composite data used in the mineralized zone (461mt – 1mt assays). Where there were no chemical assays, eU3O8 spectrometer data was used for the diamond holes (18, 1mt composites) and one intersection of the RC total gamma eU3O8 data was also included (2, 1mt composites).

The mineralization zone interpretation was constructed based on a nominal 100ppm U3O8 drill hole grade with a minimum down-hole interval of 2mt. The raw assay grades were composited to a 2mt down-hole interval, with any residuals (i.e. samples less than 1.2mt) added to the preceding interval using length weighting.