Peninsula Energy (ASX:PEN) says construction activities at its Lance Uranium Project in Wyoming, US, are making “solid progress” ahead of an operational restart scheduled for the end of this year.
Located in the northwest of the state, the project is considered by Peninsula to be one of the largest in America, with a JORC-compliant resource measuring 58 million pounds of triuranium octoxide.
With roughly 70 contracted workers on-site daily, the Perth-based company notes that phase two plant expansion activities are at a “high level”, and that the construction had shifted to a 24-hour roster to allow different activities to progress simultaneously.
Last month, Peninsula saw the completion of concrete pours for the plant’s foundation and floor slabs, as well as the placement of various equipment.
CEO Wayne Heili says the company will be bringing the Lance Project online at a time when the need for new sources of uranium “could not be stronger”.
“The months ahead will be busy, but our team (is) ready, and we have our eyes on the prize of becoming the next ASX-listed uranium company set to enter production,” Heili explains.
“The fundamentals and importance of uranium continue to strengthen, as countries across the globe embrace nuclear energy as a leading clean energy source to achieve decarbonisation targets.”
In addition to construction activities, both in-house and contracted drilling teams have been actively developing two new wellfield production areas: Mine Unit 3 and Mine Unit 4. A total of 11 drilling rigs are under contract to work at the Lance Project, which continue to install new injection and production wells at Mine Unit 3.
So far, 76% of the planned wells have been drilled and cased, with drilling activity at Mine Unit 3 due for completion late this year. Construction of infrastructure in the area — including pipelines, powerlines, fences, and roads — is now 80% complete.
Write to Oliver Gray at Mining.com.au
Images: Peninsula Energy
