Pele Mountain Resources has updated its NI 43-101 resource estimate for its Eco Ridge Mine project in Elliot Lake.
The inferred resource tonnage has been increased to 36.56 million tonnes, at an increased average grade of 0.047 per cent uranium and 1,554 total REO, an increase of 116 per cent. It includes a 136 per cent increase in uranium to 37.62 million pounds, and a 130 per cent increase in total REO to 125.25 million pounds.
Tonnage has increased in the indicated category as well by 11 per cent to 22.74 million tonnes at an average grade of 0.045 per cent uranium and 1,606 parts per million total REO. This includes a 10 per cent increase in uranium to 22.55 million pounds and a 10 per cent increase in total REO to 80.51 million pounds.
There are additionally expanded higher grade zones identified for production early in the mine life, which can positively impact project economics, as well as substantial increases in REO resources neodymium, dysprosium, yttrium, terbium and europium oxides, as well as scandium oxide resources.
“Our recent drilling conclusively demonstrated the down dip continuity of the Eco Ridge deposit and has led to a major increase in NI 43-101 uranium and rare earth resources at the project,” president and CEO Al Shefsky said in a news release. “The new and expanded resource estimate marks another important milestone on the pathway to production at Eco Ridge, as we prepare to transition the project into the licensing and feasibility process.”