Azarga Uranium Corp. (AZZ:TSX; AZZUF:OTCQB) updated its NI 43-101 compliant resource estimate on its Dewey Burdock uranium project in South Dakota, the company announced in a news release. Of its assets, the company is developing Dewey Burdock, an in situ recovery (ISR) project, first.
The updated resource estimate, prepared by Roughstock Mining Services, shows an increase in resources from the previous estimate. The Measured ISR resource now is 13.78 million pounds (13.78 Mlb) U3O8, which is 234% more than the previous resource of 4.12 Mlb U3O8. Measured and Indicated ISR resources increased 97% to 16.94 Mlb U3O8 from 8.58 Mlb U3O8. The revised resource also includes 1,060,000 more non-ISR Measured pounds at 0.057% U3O8. All resources were determined using a 0.02% grade cutoff.
"We are extremely pleased with the exceptional results of this resource update," which meets the Nuclear Regulatory Commission requirements for licensing, President and CEO Blake Steele said in the release. "Both the scale and the confidence of the Dewey Burdock resource estimate have improved substantially."
The next step for Azarga and this project is to update the preliminary economic assessment, encompassing the added resources, which "will likely improve the Dewey Burdock project economics," Steele added. Also, exploration upside at Dewey Burdock remains with the several miles of mineralized trend that need further delineation.
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