Western Uranium & Vanadium (CNX:WUC) has reported final assay results from uranium ore deliveries that exceeded initial probe estimates by more than 40%.
The company completed its Uranium Ore Delivery Program from the Sunday Mine Complex to Energy Fuels‘ (TSX:EFR) White Mesa Mill in Blanding, Utah, US.
Post-processing assays conducted by Western’s customer under the Ore Purchase Agreement showed natural uranium grades were more than 40% higher than initial probe estimates at delivery, resulting in a larger final payment to Western.
Higher assay results may indicate the mineral resource at the Sunday Mine Complex exceeds the original estimates derived from prior drilling data reported in the 2015 Technical Report.
However, Western notes it is not treating the disclosure as technical disclosure concerning a mineral project and investors should not rely on such disclosure until the company verifies and supports it in an updated technical report.
“The material increase between our probe-indicated grades and the final chemical assay results is a strong testament to the quality of Western’s mineral resources at the Sunday Mine Complex,” CEO George Glasier says.
The Sunday Mine Complex is one of the few actively operating uranium and vanadium mines in the US, located in Colorado’s Uravan Mineral Belt.
The company continues working towards permitting the Mustang Mineral Processing Plant site, which will incorporate kinetic separation to optimise economics.
Western’s production pipeline also includes conventional projects in Colorado and Utah beyond the flagship Sunday Mine Complex.
Write to JC Villarba at Mining.com.au
Images: Western Uranium & Vanadium
