Lotus Resources ups uranium resource in Malawi with purchase of 6Mlb deposit

Lotus Resources ASX LOT uranium resource Malawi deposit Livingstonia project Lotus Resources (ASX: LOT) , which is working to reopen the mothballed Kayelekera uranium mine in Malawi, has increased the size of its other project in the central African country, adding six million pounds of uranium oxide for an outlay of US$25,000 ($33,850).

That equates to US$0.004 per pound, against a spot futures price overnight hitting US$46.50/lb — up 16.25% in one session — and now bounding closer to the US$60/lb figure widely quoted as a trigger for global new mine development to begin.

The newly acquired Livingstonia project is located in Northern Malawi lies 90km southeast of Kayelekera.

Livingstonia is hosted in the prospective Karoo-equivalent sedimentary sequence which is also host to the main deposit associated with Kayelekera, the company says. Potential for satellite uranium production This new ground is directly along trend from Lotus’ Livingstonia North project,Drilling at the northern […]

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