(MENAFN- ProactiveInvestors)
() is drilling at its Mulga Rock Uranium Project and has reported that a wide-spread lightning storm occurred over the region on Friday that resulted in a natural bush fire breaking out near the camp.
The Mulga Rock project is located some 240 kilometres north-east of Kalgoorlie in Western Australia.
Field staff are said to be assessing the impact of the fire on the exploration and environmental survey programs.
This will also look at the material effect if any on the Pre-feasibility reporting schedule.
There are three drill rigs turning at the site and plenty of action including infill drilling aimed at increasing the confidence level of the existing inferred resource which is very sizeable at 57.3 million tonnes at 500ppm uranium for 62.2 million pounds or 28300 tonnes of contained U3O8.
With the uranium wheel turning and the spot price improving to US$42.25 a pound the highest since February 2013 with forecasts of long term prices to hit US$70 there is momentum building at Mulga Rock given its stage of development.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.