The Uranium Company announces strong drilling results in the Timsah River :: InvestMacro


source: Streetwise Reports 07/19/2022

Shares of Vimy Resources Ltd soared. by 19% after the company reported positive results from the first two diamond drilling holes at the Crocodile River Project in Australia’s Northern Territory. The company said it plans to prepare a mineral resource update for its Angularli deposit in late 2022.

Perth-based uranium exploration and development company Vimy Resources Limited (VMY: ASX, VMY: OTCQB)And the announce Findings from the first two diamond (DD) holes drilled at the 100% owned Angularli Depot in the Northern Territory, Australia.

The company reports that DD platforms successfully intercepted new uranium mineralization, expanding the known boundary of the Angularli deposit in an upward downward direction about 200 meters above what was previously thought to be the uranium mineralization limit.



The company highlighted the results of the drilling hole ARDD0004 which recorded sectors of 5.40 m of 0.45% eU3O8 and 6.35 m of 0.95% eU3O8, including 2.95 m of 1.42% eU3O8. The company added that data from the ARDD0003 drill hole also returned with excellent results that included 4.50 m of 0.56% eU3O8 starting at a depth of 184.7 m.

The company advised that the data collected at these first two holes required additional investigative drilling to further backtrack from the existing drilling holes in order to identify and extend the range of mineralization present in the Mamadawerre sandstone formation.

Stephen Michael, Managing Director and CEO of the company, commented: “Our team is very excited about the early success of the first two holes at Angularli, which contains the highest grade of uranium of any known uranium source within Australia. These first two holes continue to show the potential for Angularli’s growth to increase in size and value.”

“Drilling continues with additional sinkholes and ascents, and Vimy expects to update mineral resources in late 2022,” Michael added.

The Angularli Deposit is part of the Alligator River Project, located approximately 380 km by road from the city of Darwin in the Northern Territory. Angularli hosts an inferred resource estimate of 25.9 million pounds of U3O8. A resource estimate for Angularli has been completed based on results collected from the total 30 DD holes completed to date. The company noted that the best interception so far recorded at Angularli was in hole WRD0084 which returned 41.5 meters of 2.93% U3O8, including 22.9 meters of 4.63% U3O8.

Vimy Resources has indicated that it intends to drill at least 19 DD holes in Angularli over the next four months. The first stage of drilling will include seven holes designed to target up and down dive extensions with the aim of testing and expanding the existing resource. Subsequently, an additional 12 DD holes are scheduled to be constructed in the North, South and West Angularli horizons.

The company stated that the combined results of the test of the rise and fall of the Angularli deposit will be used and incorporated into the updated mineral estimate which it expects to be completed later this year.

Vimy Resources is a resource development company headquartered in West Perth, Western Australia. The company focuses on the exploration and development of uranium assets in Australia. The company’s principal property is the wholly owned Mulga Rock project which is located east-northeast of Kalgoorlie in the Great Victoria Desert. Mulga Rock is one of Australia’s largest undeveloped uranium resources with a total mineral content reserve of 42.3 million pounds of uranium dioxide.

Vimy also has a 100% stake in the Alligator River project located in the uranium area of ​​the Alligator River in the Northern Territory. The region is one of the world’s three largest uranium regions. As of March 2018, the Angularli deposit in the Alligator River Project had an inferred source of 24.9 million pounds of uranium dioxide.

Vimy Resources started Monday with a market capitalization of approximately $134.6 million with approximately 1.165 billion shares outstanding. VMRSF shares opened 8% higher Monday at $0.125 (+$0.0094, +8.13%) from the previous day’s closing price of $0.1156. The stock traded between $0.125 and $0.1375 per share and closed to trade at $0.1375 (+$0.0219, +18.94%).

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