TIDMNEO
RNS Number : 4026V
Neo Energy Metals PLC
01 December 2023
Neo Energy Metals plc / EPIC: NEO / Market: Main Market of the
London Stock Exchange
1 December 2023
Neo Energy Metals plc
('Neo Energy' or 'the Company')
Resource Expansion Drill Program Tender Underway
Neo Energy Metals plc, the near term, low-cost uranium
developer, is pleased to announce 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 ("Drill Program") to be completed at its advanced
Henkries Uranium Mine ("Henkries") located in the Northern Cape
Province of South Africa.
OVERVIEW
-- Tender and enquiry documents issued to a number of
short-listed South African based drilling contractors for the
planned resource expansion and resource upgrade drill program
-- The Drill Program aims to increase the existing JORC Code
2012 compliant Mineral Resource of 4.7 million pounds ('Mlbs') of
uranium
-- The Drill Program will comprise of approximately 6,500m of aircore drilling
o 350 drill holes with an average drill hole depths of between
15m to 20m
-- Infill drilling and resource expansion drilling will be
completed on both the Henkries Central and Henkries North deposits
which extend over 6km of the 37km defined paleochannel that hosts
the uranium mineralisation
-- On the 6km strike length of the Henkries Central and Henkries
North deposits , approximately 2,000m of infill drilling will be
undertaken at drill spacings of 100m
o The aim is to upgrade the resource category to a Measured
status
-- A further 2,000m of resource extension drilling will be
completed on this 6km of strike length at drill spacings of
200m.
o The aim is to increase the existing JORC Code 2012 compliant
Mineral Resources by targeting potential extensions to the existing
Henkries Central and Henkries North deposits
-- An additional 2,500m of exploration drilling is planned for
Henkries South, which offers significant potential for an increase
in JORC Code 2012 compliant Mineral Resources
o Extends for over 25km of the 37km defined paleochannel that
hosts the Henkries Central and Henkries North deposits
-- The appointment and mobilisation of the drilling contractor is expected in early Q1 2024
-- The Drill Program is scheduled to commence in Q1 2024 and is
expected to be completed by early Q3 2024
-- Recently appointed Regional Manager, Mr Cloete will oversee
the resource expansion drill program and has already mobilised to
site to commence the necessary site preparations
Neo Energy CEO Sean Heathcote said,
"We are now issuing a series of tender and enquiry documents as
part of our strategy to accelerate the mine development of our
Henkries Uranium Project.
"Over recent weeks I have been working with our new Regional
Manager, Jerry Coete, to advance discussions and making
preparations for the resource expansion drilling contract . Our
plan is to appoint and mobilise the drilling contractor early in
the New Year with the infill and exploration drill program
commencing in Q1 2024 and completed in early Q3 2024.
"We are confident that we are able to increase our JORC Code
2012 compliant Mineral Resources to over 10Mlbs of contained
uranium through this drilling program. This will underpin and
further strengthen the attractiveness of the Project and its
underlying project economics.
"We look forward to appointing the drilling contractor shortly
and providing further updates on their progress at Henkries in
early 2024."
DETAILS
The Company is focused on fast-tracking the development of its
advanced Henkries Uranium Project ('Henkries' or the 'Project')
towards production having raised GBP5.4m and re-admitted its shares
to trading on the Main Market of the London Stock Exchange in
November 2023.
Henkries, a 742km(2) 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.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation, and the Directors of the Company
are responsible for the release of this announcement.
ENDS
Sean Heathcote CEO sean@neoenergymetals.com
Neo Energy Metals plc
Paul Dulieu Financial PR neo@stbridespartners.co.uk
Isabel de Salis St Brides Partners Ltd
Isabelle Morris
Notes
Neo Energy Metals plc aims to become an important supplier to
the fast-growing uranium sector. Its initial focus is on its 70%
owned Henkries Uranium Project, an advanced, low-cost uranium
project in the Northern Cape Province of South Africa with a clear
pathway to production. +US$30m of historical exploration, drilling,
test pitting and mining, metallurgical testwork and pilot plant
work has been undertaken at the Project, culminating in a published
feasibility study.
Headquartered in Nairobi, Kenya, Neo Energy is now focused on
increasing the mineral resources at Henkries from the current
estimated 4.7 million pounds of uranium, which is highly probable
as less than 10% of prospective ground is fully tested, and
completing an updated feasibility study ahead of reaching a
development decision by November 2025.
Led by a proven board and management team with uranium and other
mineral project development experience in Southern Africa, Neo
Energy's strategy is layered on a two-year development approach to
generate cashflow from Henkries with a view towards building a
longer term exploration and portfolio growth strategy to develop
the highly prospective Northern Cape Region of South Africa and,
potentially, broader regional expansion into energy metal property
holdings globally.
The team includes:
-- Jason Brewer, Non-Executive Chairman : c.30 years' experience
in international mining, financial markets, and investment banking
with a particular focus in Africa.
-- Sean Heathcote, CEO : +30 years' experience in the mining and
exploration industry in Africa across a broad range of
commodities.
-- Jackline Muchai, Non-Executive Director : one of the few
Kenyan women serving on a board within London's Main Market on the
London Stock Exchange, and CEO of Gathoni Muchai Investments.
-- Bongani Raziya, Non-Executive Director: +20 years' experience
in oil and gas and mining in Africa with various directorships held
in well-established profitable companies.
-- James Longley, Non-Executive Director: +30 years' experience
in finance, whose career has been focused on venture capital,
private equity and building growth companies.
-- Charles Tatnall, Non-Executive Director: a seasoned advisor
and fundraiser, specialising in small and medium-sized enterprises
across diverse industries.
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END
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