Vancouver – Bannerman Resources (BAN-T) has boosted the uranium resource at its Etango project in Namibia by 26%.
The resource at Etango now stretches along 5 km strike, covering three separate deposits. One of those zones, Onkelo, known hosts a defined resource for the first time.
Together, the Anomaly A, Oshiveli, and Onkelo deposits host 235 million tonnes grading 0.0208% U3O8 in the measured and indicated categories. Inferred resources add 120.7 million tonnes averaging 0.0197% U3O8. Total contained uranium oxide sits at 160.1 million lbs. The new Onkelo resource contributes 20.2 million lbs. to that count.
Bannerman increased measured and indicated resources by 21% and boosted inferred resources by 40% compared to the last Etango resource calculation, which was updated in February. Two-thirds of the current Etango resource sits within 200 metres of surface.
Bannerman is still working to expand the resources at Etango. Drilling efforts are currently focused on potential expansions at Oshiveli and Onkelo. The drill hole database for the low-grade, granite-hosted uranium project now totals 200,000 metres in 685 reverse circulation holes and 72 diamond core holes.
And the company is working through a feasibility study for an open pit operation at Etango, to update the scoping study completed in mid-2007.
On news of the resource estimate Bannerman’s share price gained 5¢ to close at $1.10. The company has a 52-week trading range of 14¢ to $1.85 and has 200 million shares outstanding.
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