Kristen Moran reports that the Peninsula Lance projects are expected to start yellowcake production before the end of 2015. Peninsula also announced that recent development drilling in the Ross permit area at its Lance projects revealed significant high-grade uranium intercepts. The new intercepts could result in higher head grades and potentially higher recoveries at the projects than have been reported previously.
The drilling, which was completed in July and early August by Peninsula wholly owned subsidiary, Strata Energy, consisted of a series of injection and production wells for the first production header house at Mine Unit 1 on at the Lance projects. Some significant intercepts found include 2.5 feet at 4,680 ppm U3O8 from 447.5 feet, 9 feet at 1,000 ppm U3O8 from 414.5 feet, 9 feet at 750 ppm U3O8 from 402.5 feet and 7 feet at 890 ppm U3O8 from 402.5 feet. Strata has now completed 37 mining wells at the Lance projects, with 26 out of the 37 encountering significant mineralization. To date, a total of 104 monitor, injection and production wells have been drilled and fully completed at Mine Unit 1. The wells have also undergone mechanical integrity testing, 99 percent of the wells passed the mechanical integrity tests on the first round.
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