Pele Mountain Resources has said that an updated resource estimate shows the indicated uranium oxide resource at its Eco Ridge Mine, located near Elliot Lake in Northern Ontario, has more than doubled.
The Indicated U3O8 resource has more than doubled to 15.2-million pounds (14.3-million tonnes at 0.048% U3O8) with an additional Inferred U3O8 resource of 31.4-million pounds (33.1-million tonnes at 0.043% U3O8).
The resource estimate supersedes the previous estimate contained in the 2007 Preliminary Assessment authored by Scott Wilson Roscoe Postle Associates.
The Resource Wireframe, which contains both Indicated and Inferred U3O8 resources within the near surface portion of the Main Conglomerate Bed (MCB).
Scott Wilson RPA is continuing to evaluate 1537 REO assays (each containing up to 17 elements) from 123 holes, the last of which were received earlier this month.
Within the Resource Wireframe, every drill hole analyzed has contained significant total rare earth oxides (TREO) and the average grade of all of the samples is 3.7 pounds per tonne.
Pele’s Eco Ridge Mine deposit also extends down plunge and to the east beyond the boundaries of the Resource Wireframe.