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Core Exploration in talks to divest Napperby uranium deposit

Core Exploration Ltd. started discussions regarding a sale of its Napperby uranium deposit in Australia's Northern Territory after announcing an updated resource showing improved grade and increased contained uranium, according to an Oct. 12 statement.

The Napperby resource now comprises 9.54 million tonnes at 382 parts per million U3O8 for 8.03 million pounds of contained U3O8 in the inferred category at a cutoff of 200 ppm U3O8.

The deposit also includes significant vanadium mineralization that represents a 9.54 million-tonne inferred resource at 236 ppm vanadium.

"The upgrade of Napperby is particularly exciting during a time of increasing uranium prices. Core notes with interest that the spot uranium price has increased close to 35% over the past year," Managing Director Stephen Biggins said, adding multiple parties have expressed interest in the asset.

"To enable Core to remain focused on the development of the Finniss Lithium Project and also achieve full value of the Napperby uranium deposit for shareholders, Core will now commence engaging with these parties regarding a sale or partial sale of Napperby," the company said in the statement.

It added that significant potential remains to grow Napperby through further drilling of the immediately surrounding mineralization.