Lotus Resources Limited – ASX: LOT, OTC: LTSRF

Lotus Resources Ltd (Stock Symbol – ASX: LOT, OTC: LTSRF) engages in the exploration and development of mineral properties in Malawi, New South Wales and Western Australia.

Kayelekera Uranium Project

Kayelekera Uranium Project is a large 157 square kilometer tenement package with excellent exploration potential and hosts a high grade resource. This mine has an existing open pit mine as well as demonstrated metallurgical recoveries that are very efficient.

The location of the Kayelekera uranium project in northern Malawi, 52 kilometers west (by road) from Karonga town center and 12km south of ChitipaIt.

Kayelekera Mine is located in northern Malawi, southern Africa. Source: Lotus Resources
Kayelekera Mine is located in northern Malawi, southern Africa. Source: Lotus Resources

Former Producer Awaiting Restart

The Kayelekera Mine opened in 2009 and produced 10.9 million lbs of uranium between 2007 and 2014, when it closed mining operations due to low prices. It’s expected that the mine will reopen once there is financial incentive to restart production.

Kayelekera Uranium Project Process Plant.  Source: Lotus Resources Limited
Kayelekera Uranium Project Process Plant. Source: Lotus Resources Ltd.

Once uranium prices rise enough to incentivize a restart, the company anticipates production from this mine to be approximately three million pounds annually.

Resource

On March 25, 2020, the company announced an updated mineral resource estimate with a 31% increase in global metal content.

The new update consists of 27.1Mt @ 630 ppm U3O8 for 37.5Mlb (37.5 million pounds) contained uranium oxide (U3O8). The estimate used the same methodology as previous estimates. It included modeling of units within the deposit and mining depletion, which had not been modeled in other estimations.

Kayelekera Updated Mineral Resource – March 2020.  Source: Lotus Resources Limited
Kayelekera Updated Mineral Resource – March 2020. Source: Lotus Resources Ltd

The company was formerly known as Hylea Metals Ltd. and changed its name to Lotus Resources Limited in August 2019.

The company was incorporated in 2006 and is based in Cottesloe, Australia.

Contact:

1202 Hay Street
West Perth, WA, 6005 (Australia)

Phone: +61 8 9200 3427

Email: [email protected]

lotusresources.com.au

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