Mandrake Resources Limited (ASX: MAN) has identified high-grade uranium potential in the first tranche of rock chip results from preliminary field work at its Utah Lithium Project located in the Lisbon Valley mining district.
Uranium (U3O8) concentrations up to 0.55% were recorded with the corresponding vanadium (V2O5) concentration exceeding the upper limit (1.79% V2O5) of the laboratory instrument. Additional testing has been requested on this sample with results pending.
“Initial results confirm high grade uranium mineralisation at Mandrake’s Utah Project, providing impetus for the already advanced work undertaken in compiling and assessing petrophysical data from old oil and gas wells across the project. Interrogation of the 3D seismic and the petrophysical wellbore data is seeking to identify significant uranium mineralisation in the sub surface,” Managing Director James Allchurch said.
“Despite the downbeat lithium sector, Mandrake continues to advance the lithium brine asset and I look forward to presenting the JORC-compliant Lithium Exploration Target shortly, along with other related material developments.”
A total of six samples were collected and submitted to ALS Global’s (ALS) laboratory in Reno, Nevada for analysis.
Three of the six rock chip samples exceeded ALS’s radiation safety guidelines and cannot be processed in Reno.
The samples have been placed in a lead-lined container within a DOT 7a steel drum and shipped to a laboratory facility equipped to process and analyse high radiation material. The samples are to be accompanied by a Geiger-Mueller meter to monitor radiation in transit.
Mandrake expects results from these relatively high radiation samples to be available in March 2024.
Uranium work underway
As part of Mandrake’s lithium exploration, a Well Access Agreement was executed with Paradox in May 20231 allowing Mandrake to sample Paradox-owned oil and gas wells. Paradox operates over 150 wells on approximately 98,000 net acres in the Paradox Basin.
The petrophysical logs of these oil and gas wells compiled by Mandrake include intersections of known uranium host rocks with, in most instances, gamma logs that potentially indicate the presence of uranium mineralisation.
This dataset is crucial in that it will likely be able to determine the distribution and volume of uranium-bearing units across the project area.
Similarly, Mandrake is well positioned with the 3D seismic dataset in its possession to determine the thickness and lateral continuity of potential uranium-bearing sediments whilst also potentially assisting with uranium targeting and mapping.
The compilation of gamma logs and associated information is in progress and will potentially allow for the estimation of a JORC-compliant Exploration Target and Resources.