Lotus Resources Ltd (ASX:LOT) has unearthed uranium during its maiden greenfields drilling program at the Chilumba prospect in Malawi.
Some of the best results from the seven-hole, 1,140-metre reverse circulation drill program include:
- 3 metres at 382 parts per million (ppm) uranium from 43 metres; and
- 3 metres at 138 ppm from 38 metres.
The uranium stock is focused on exploring its southern project area, which includes the established Livingstonia deposit and the Chilumba target — a historical, if poorly explored, uranium prospect.
Overall, Lotus believes the area has strong long-term potential for mineable uranium, meaning it could be the base for a future satellite operation.
As such, the company is lining up more exploration work to realise the target’s full potential.
Looking for upside beyond Kayelekera
Chilumba lies 80 kilometres southeast of Lotus’ Kayelekera Uranium Mine. Combined with the Livingstonia tenements, the exploration zone covers 300 square kilometres.
Lotus managing director Keith Bowes said: “While the company’s major focus this year has been on the recently completed definitive feasibility study for the Kayelekera Uranium Mine, the company recognises the opportunity for new discoveries across its entire tenement package.
“This potential is perhaps greatest in our southern project area, where little to no historical exploration work has been undertaken.
“The Chilumba prospect was identified and subsequently tested through a surface radiometric anomaly and we are delighted to have successfully encountered uranium mineralisation in our first limited drill program.”
What’s next?
Bowes said that while further work was required at Chilumba (as well as the company’s other regional targets) the opportunity for new uranium discoveries was there.
“The company is currently reviewing the opportunity to undertake additional exploration work, including more drilling at both Chilumba and Livingstonia, along with a broader regional program,” he explained.
Lotus will keep the market briefed on its next steps at the Malawi uranium play.