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Current Status

The 2014 Mineral Resource Estimate is based on a combination of validated historical drilling and the 96 Rotary Mud and Diamond holes drilled by Paladin. The validation of the historical data, along with Prompt Fission Neutron probe logging of recent drill holes, has resulted in a change to the disequilibrium factor used to determine uranium grades. This change has resulted in a reduction in the Indicated Mineral Resource grade; however the overall grade of the deposit has increased due to revised geological modelling and estimation techniques.

The geology of the deposit is well understood, having been subject to extensive exploration over a number of years. The stratigraphic sequence within the deposit has been defined from the extensive dataset of downhole electric logs. A total of 35 water bores was installed at the Manyingee site by Paladin in 2012, which are used for ongoing monitoring of physical and chemical properties of the aquifer containing the uranium mineralisation. Paladin believes that the Mineral Resources on the mining leases can be increased and that commencement of production at the project can be achieved in a 4-5 year time frame. Current work on the project concentrates on compiling a Field Leach Trial proposal document to be submitted in 2015.

At Spinifex Well, 20km north of Manyingee, follow-up drilling by Paladin identified four prospective redox fronts at depths between 85m and 120m with mineralisation greater than 0.025% U3O8 and 0.5m was intersected in 10 holes (best intersection being 1.9m at 0.13% U3O8) and further testwork is warranted.

Latest prices

ASX A$ 0.16

Latest Prices

TradeTech U3O8 spot US$20.40/lb
TradeTech U3O8 long term US$34.00/lb

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