Western Australian-headquartered uranium player Redport Ltd has confirm an increase in the resource estimate at its Lake Maitland uranium project in Western Australia's eastern goldfields region.
The confirmation of the uranium resource follows an independent evaluation by consultants Hellman & Schofield of the last round of drilling conducted by Redport, as well as historical drilling and assay data.
Redport executive director Peter McNally said that almost half of the uranium resource, or 4,759 tonnes was contained within a high grade core.
"The Lake Maitland Uranium Project hosts one of Australia's larger undeveloped uranium deposits, with an insitu-metal value of close to $1 billion," he said.
"It is a shallow calcrete uranium deposit containing a coherent high grade zone. The high-grade core could be mined in the early years of the project which should enhance the economics of the project.
"As such, this is a major Australian deposit that has the potential to provide a significant benefit to our shareholders and the community."
Redport is fast tracking plans to upgrade the current resource to JORC compliant indicated and measured categories.
The Company recently acquired additional exploration tenements to west and south of the Lake Maitland Project, where an exploration program targeting further uranium mineralisation is planned.
Malcolm Mason has been appointed as Principal Consultant to fast track the Lake Maitland development studies and has retired from the board to undertake this work.
