November 30, 2021
Lotus Resources Ltd. (ASX:LOT, BUY, A$0.40 target, David A. Talbot) announced that it has commenced drilling at its recently acquired and 100%-owned Livingstonia Tenements in Malawi. Management anticipates Livingstonia may be developed as a satellite operation and produce feed for its nearby 85%-owned Kayelekera uranium processing facility. The current 30-hole (4,000m) RC program is designed to convert an estimated 6M lb of historic mineralization into compliant resources. Several exploration targets around the resource boundaries have been identified by drill holes that ended in mineralization. Broader zones of mineralization are also evident, but these areas have been sparsely drilled, and may also potentially add higher-grade zones extending from the existing resource area. Historical results include 1,800ppm U3O8e over 3.6m; and 1,180ppm U3O8 over 8m. Several other targets, including the Chilumba radiometric anomaly, are also being considered for drill testing. Mineralization here is hosted within Karoo sediments similar to the Kayelekera mine. Meanwhile, assays remain pending for drill programs that wrapped up in October at the Kayelekera and Milenje rare earth projects. Read more
