With uranium prices on the rise, Mandrake Resources (ASX:MAN) is assessing the uranium potential of its Utah Lithium Project in the Lisbon Valley mining district through a historical and geological review.
The $22.75 million market capitalisation company has already compiled historical well logs into a database, including intersections of known uranium host rocks with gamma logs that potentially indicate the presence of uranium.
Mandrake says this dataset will be important in determining the potential distribution of uranium in the project area.
Meanwhile, 3D seismic survey data acquired by Mandrake will be ‘instrumental’ in determining the lateral continuity of potential uranium-bearing sediments and could support uranium targeting and mapping.
The company is also planning exploration activities focused on identifying and mapping outcrops, alongside uncovering areas of uranium mineralisation prospectivity.
Mandrake says this review will inform the company of the decision to amend existing tenure to accommodate uranium exploration and future production.
Utah is the third-largest uranium-producing state in the US, with the Lisbon Valley district by far the ‘most important’, as it accounts for nearly 78 million pounds of triuranium octaoxide (U3O8), according to Mandrake.
The Utah Lithium Project is located in the prolific ‘lithium four corners’ Paradox Basin in south-eastern Utah, US.
Although the company is investigating the uranium potential of its Utah project, lithium remains Mandrake’s key focus, with permitting for the re-entry of 2 wells in the area continuing to advance.
Mandrake Resources is an ASX-listed exploration company focused on exploring America’s lithium potential and driving towards a ‘cleaner energy future’. As of 30 June 2023, the company had $16.8 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Mandrake Resources
