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Ur-Energy boosts uranium resources at Wyoming’s Lost Creek ISR mine

by Greg Klein | November 18, 2013

Measured resources increased 16%, indicated decreased 8% and inferred jumped 65% at Ur-Energy’s TSX:URE Lost Creek property in Wyoming. An update to an April 2012 estimate, the November 18 announcement results from exploration and delineation drilling at the mine and its contiguous LC north, south, east and west areas. The program coincided with the installation of in-situ recovery wells for Mine Unit 1, which began operation in August.

Using a 0.02% cutoff, the 16,187-hectare property now shows:

  • a measured category of 4.29 million short tons averaging 0.057% for 4.85 million pounds uranium oxide-equivalent (eU3O8)

  • an indicated category of 4.04 million tons averaging 0.048% for 3.8 million pounds

  • an inferred category of 4.72 million tons averaging 0.051% for 4.74 million pounds
Ur-Energy boosts uranium resources at Wyoming’s Lost Creek ISR mine

Drilling at Lost Creek’s Mine Unit 1 contributed to
a 16% increase in measured resources.

The company attributed the indicated category decrease to resources that were re-categorized within Mine Unit 1 and a planned second mine unit. Some 1,036 holes preceded the installation of MU1 wells, adding 671,655 measured pounds and revealing “that mineralization is thicker, of higher grade and more extensive than previously estimated,” Ur-Energy stated. The 65% expansion to the inferred category came largely from widely spaced drilling at LC East. In addition to 180 exploration and infill holes, LC East had 26 monitor wells installed as part of the permitting process.

Breakdowns for five of the property’s six areas show:

Lost Creek

  • measured: 3.12 million tons averaging 0.058% for 3.59 million pounds eU3O8

  • indicated: 2.35 million tons averaging 0.052% for 2.44 million pounds

  • inferred: 1.84 million tons averaging 0.057% for 2.08 million pounds

LC East

  • measured: 1.17 million tons averaging 0.054% for 1.26 million pounds eU3O8

  • indicated: 1.69 million tons averaging 0.04% for 1.36 million pounds

  • inferred: 1.66 million tons averaging 0.046% for 1.53 million pounds

LC North

  • inferred: 489,100 tons averaging 0.049% for 481,600 pounds eU3O8

LC South

  • inferred: 710,000 tons averaging 0.042% for 602,600 pounds eU3O8

LC West

  • inferred: 17,200 tons averaging 0.11% for 37,400 pounds eU3O8

The company currently plans to process one million pounds from Lost Creek but has a nameplate capacity twice that amount.

In late October Ur-Energy closed a US$34-million Wyoming state loan after having previously borrowed $35 million from RMB Australia Holdings Ltd.

See last week’s uranium news roundup.

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