Delecta swings back into uranium exploration mode at REX

Delecta swings back into uranium exploration mode at REX

Sampling of historical workings at the REX project. Pic: Supplied share

Delecta has started a series of sampling and mapping programs at its REX uranium project in Colorado as sentiment in the uranium sector improves.

Uranium prices have been ramping up recently after the Sprott Physical Uranium Trust started buying up physical uranium .

With physical yellowcake being squirreled away for the long term, spot prices have climbed to about US$42.40 per pound, well above five-year highs and putting it within reach of even exceeding Morgan Stanley’s April forecast that prices could hit US$48/lb by 2024.Given this positive environment, Delecta (ASX:DLC) has made the straightforward decision to resume exploration at REX with sampling of surface outcrops and selected underground workings already identifying visible uranium mineralisation.Initial sampling carried out last year had returned high-grade uranium and vanadium results with 12 samples returning an average grade of 2,246 parts per million (ppm) […]

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