Mandrake Resources (ASX:MAN) has confirmed the uranium prospectivity within its Utah Lithium Project in Utah, via preliminary field work and rock chip sampling.
The $23.39 million market capitalisation company reports initial results from the activities returned ‘consistent, significant’ concentrations of uranium, with up to 0.55% triuranium octoxide (U3O8).
Managing Director James Allchurch says the results confirm ‘high-grade’ uranium mineralisation and provide impetus for the work undertaken in compiling and assessing petrophysical data from oil oil and gas wells across the project.
“Interrogation of the 3D seismic and the petrophysical wellbore data is seeking to identify significant uranium mineralisation in the sub surface.
Despite the downbeat lithium sector, Mandrake continues to advance the lithium brine asset and I look forward to presenting the JORC-compliant lithium exploration target shortly, along with other related material developments.”
A total of 6 samples were collected and submitted to ALS Global’s laboratory in Reno, Nevada for analysis. Mandrake expects results to be returned in March 2024.
The Utah project covers a 93,755 acre area in the Lisbon Valley of Utah.
Mandrake Resources is a diversified mineral explorer focused on lithium, nickel, copper, platinum group elements, uranium, and gold.
As of 31 December 2023, the company had $15.3 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Mandrake Resources
