Lotus Resources Limited (ASX: LOT) Increases Mineral Resources by 65%
Resource Expansion
Lotus Resources Limited (ASX: LOT) announced a significant 65% increase in Indicated Mineral Resources at the Letlhakane Uranium Project in Botswana, now totalling 142.2 million tonnes at 363 parts per million of U3O8 for 113.7 million pounds of uranium. This revised Mineral Resource Estimate (MRE) incorporates results from a recent infill drilling program comprising 164 holes over 12,108 metres.
Exploration at the Marotobolo area has also added 4.4 million pounds of new RPEEE-constrained Inferred Mineral Resources. The company is optimistic about future resource growth opportunities, which will be evaluated in upcoming drilling campaigns.
Future Development Plans
Lotus will leverage the updated MRE in ongoing mining and process flowsheet optimisation studies. The CEO, Greg Bittar, commented, “Our infill drilling has successfully converted a significant portion of the Inferred Mineral Resources at Letlhakane into the Indicated Mineral Resource category, with the Indicated portion now standing at 50%.”
He further noted the importance of completing mining optimisation studies and the associated cost estimates, anticipating an updated Scoping Study expected for release in Q3 2025.
The Letlhakane development is being advanced alongside the planned restart of the Kayelekera Project in Malawi, targeted for Q3 2025. The region’s attractive mining jurisdiction is highlighted by Botswana’s solid global ranking in the Fraser Institute’s Policy Index.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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