Neo Energy Metals plc announced that it has commenced the tender process with a number of short-listed South Africa based drilling contractors for a major resource expansion and resource upgrade drill program to be completed at its advanced Henkries Uranium Mine located in the Northern Cape Province of South Africa. The Company is focused on fast-tracking the development of its advanced Henkries Uranium Project towards production having raised £5.4m and re-admitted its shares to trading on the Main Market of the London Stock Exchange in November 2023. Henkries, a 742km2 uranium project in the Northern Cape of the Republic of South Africa, has a current estimated mineral resource of 4.7 million pounds (‘Mlbs’) of uranium and has been subject to extensive historical exploration activities as well as a feasibility study (‘FS’).
Utilising historical data and newly generated data from the planned drilling programmes, Neo aims to increase the Mineral Resources Estimate (‘MRE’) to +10Mlbs contained uranium, update the FS, and move to mine development decision as soon as possible. Henkries includes two key deposits; Henkries Central and Henkries North, and an advanced exploration target at Henkries South. Infill drilling is planned to increase the mineral resource base, with explorations drilling to test all potential extensions to the existing Henkries Central, as well as at Henkries North.
Additional exploration drilling will be undertaken at Henkries South, which offers significant potential for an increase in project resources, extending over 25km of the 37km defined paleochannel that hosts Henkries Central and Henkries North resources.
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