Vimy Resources Ltd. estimated a maiden mineral resource at its recently acquired Angularli deposit, part of the Alligator River project in Australia's Northern territory, of 25.9 million pounds of uranium.
The inferred resource is contained in 910,000 tonnes of ore at 1.3% uranium, at a 0.15% uranium cutoff grade, according to a March 20 statement.
The company also estimated an exploration target of between 1.2 million and 1.8 million tonnes at a grade of 0.75% to 1.5% uranium containing 20 million to 60 million pounds of uranium.
Vimy plans to test the exploration targets this year and in 2019 at the Angularli deposit and Such Wow prospect. Additionally, a scoping study will be undertaken on the Angularli deposit this year.