Bannerman Resources, an ASX-listed company, has reported that the Namibian Ministry of Mines and Energy has extended its exclusive prospecting license 3345 until April 25, 2023.
EPL 3345 is an exploration license that includes potential satellite deposit possibilities for the company’s flagship Etango uranium project, of which it owns 95%. The Etango project is located on Bannerman’s mineral deposit retention licence 3345, which is next to the Etango project.
In addition to those uranium targets, Bannerman has identified prospective lithologies on EPL 3345 that may have the potential for base metals targets and is currently continuing an infill soil sampling programme. This sampling enhances last year’s exploration activities which included obtaining and analysing more than 2 000 soil samples on those lithologies.
Bannerman’s MD and CEO, Brandon Munro, said, “We are grateful to the Ministry of Mines and Energy, who have provided consistent support to Bannerman for more than a decade. Our company has operated in Namibia since 2005 and appreciates the extensive benefits of developing a project with government and community support in this leading uranium production jurisdiction.”
Etango is one of the world’s largest undeveloped uranium projects. It is one of the few uranium projects in the world with a completed Definitive Feasibility Study (DFS) and environmental permitting and will be a top 10 producer once developed.
Based on the DFS, production is expected to be 7-9 million pounds U3O8 per year for the first five years and 6-8 million pounds U3O8 per year thereafter. It will have a minimum mine life of 16 years with significant expansion potential through the conversion of existing inferred resources as well as the deposit being open at depth and along strike.
Etango is considered by Bannerman to be a low technical and environmental risk project, with conventional open pit mining and sulphuric acid heap leaching at 20 Mtpa.