Atlas Metals (LSE:AMG) is conducting discussions with possible development partners and the Kyrgyz Government for the Kamushanovskoye uranium deposit, as part of the Kyrgyz Uranium Project.
This news comes in light of the increase in the uranium price since Atlas Metals invested in the project in 2018. Over the last six months, uranium’s price has reached between US$80-85 ($112-119) per pound, placing a value of US$700 million on the contained resources.
CEO Chris Chadwick says while the company’s primary focus is on completing the acquisition of Universal Pozzolanic Silica Alumina (UPSA), it is validating the Kyrgyz Project’s value.
“We will continue to seek to derive value from the project in parallel with completing the UPSA transaction and I look forward to providing further updates in due course,” Chadwick says.
Kamushanovskoye is a uranium oxide deposit hosted in peat soils at depth from surface down to a maximum of 14m. Testwork on site on in-situ recovery confirmed good extraction of uranium using sodium carbonate as the leaching solution.
The Kyrgyz Project has a total resource of 5.51 million pounds of triuranium octoxide in the indicated and inferred category.
Atlas Metals is focused on identifying projects and acquisition opportunities with the potential for growth.
Write to Aaliyah Rogan at Mining.com.au
Images: Atlas Metals
