ONTARIO PELE MOUNTAIN RESOURCES of Toronto is talking to potential partners for its Eco Ridge uranium project near Elliot Lake. A falling uranium price and tight credit and equity markets have made delays at the project inevitable.
The Eco Ridge infill drilling program and permitting activities will continue, said Pele. Technical reports already in progress will also be completed. The company has filed its project description with the federal government. That description includes underground mining and bioleaching of ore. About 60% of the ore will be treated underground rather than in a conventional mill. The other 40% will be leached on surface in a closed-circuit flowsheet. This type of recovery also eliminates the need to establish a tailings management area.
The 43-101 report for the Eco Ridge deposit estimates it contains an indicated resource of 5.68 million tonnes grading 0.051% U3O8 and an inferred resource of 37.26 million tonnes grading 0.044% U3O8.
Read the Eco Ridge project overview and project description available at www.PeleMountain.net.