ANKETELL (EME 100%)

The Anketell project is located 100 km east of Mt Magnet and formerly comprised two exploration licences (E’s 58/289 & 58/292). Uranium mineralisation of shallow, calcrete-hosted style was discovered by Western Mining (WMC) in 1972.

Aircore drilling completed by Energy Metals in the period 2007 to 2010 identified uranium mineralisation in calcrete, opalised calcrete and calcareous clays with most drill traverses recording anomalous intercepts at shallow depths (typically within 10m of surface). Independent consultants Hellman & Schofield Pty Ltd (H&S) estimated an Inferred Mineral Resource at Anketell of 16.3 million tonnes averaging 167ppm U3O8 for a contained U3O8 content of 2,720 tonnes (6.0 million pounds) at a cut-off grade of 100ppm U3O8, as summarised in the table below.

 

Resource

Category

Tonnes (Millions)
U3O8 (ppm)
Contained U3O8 Tonnes (x1,000)
Contained U3O8 Pounds (Million)
Inferred
16.3
167
2.7
6.0

 

Tonnes are metric (2204.62 pounds), figures may not total due to rounding.
Significant figures do not imply precision.

Both Contained Tonnes U3O8 and Contained Pounds U3O8 are based on contained metal in the ground and do not consider mining, metallurgical or economic parameters at this stage.

The Anketell project is located close to infrastructure, being approximately 90 km east by sealed road from the mining town of Mount Magnet and 35 km from the gas pipeline at Windimurra. The project is also located approximately 45 km to the SW of Energy Metals’ Lake Mason project (3 Mlb resource) and takes Energy Metals’ total resources in the area (reportable under JORC) to 9 Mlb U3O8. The Company will continue to look at opportunities to build resources in the area to the level where either a central processing facility or a mobile treatment plant may be considered.
 
In April 2015, a retention licence (R58/2) was granted over resource and potential future mine infrastructure areas at Anketell to enable EME to maintain tenure over the project until such time as there is an improvement in uranium market conditions, and hence project economics.

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