Carley Bore is in WA, N-E of Carnarvon. It has a JORC Resource of 22.8Mt at 310ppm for 15.6Mlb of contained U3O8, of which 5.0Mlb is Indicated.
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Spot U3O8 prices are well below contract prices, which are unsustainably low. A surge in demand is expected from power plants currently under construction, as well as those being planned, so we expect U3O8 prices to rise.
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EMX has a number of other projects in Australia. EMX is managing these projects by seeking to farm down its interests so that EMX is able to focus its people and financial resources on its nearer term projects.
Energia has a permitted base metals project in northern Italy, which was being mined until the Italian Government decided to exit mining. EMX also has applications covering 2 high grade uranium deposits in Italy.
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EMX is seeking funding to complete a revised scoping study, updating the May 2013 results with further drilling that has yielded higher grades with better sample recovery. The current drilling also gives better information on porosity and fluid flows.
The revised scoping study will focus on prioritising the higher grade areas.
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Beer & Co estimate that Carley Bore is a valuable project even at the current uranium contract price of $50/lb.
We expect U3O8 prices to rise and the EMX share price to rise with them and also as the Carley Bore project is progressively de-risked.
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Energia Minerals is a uranium exploration company based in Australia.
Its main exploration properties are MCARTHUR PROJECT, WESTMORELAND WEST PROJECT, NGALIA PROJECT, FROME, ONSLOW PROJECT, TABLE TOP PROJECT, GAWLER PROJECT, WESTMORELAND PROJECT and NYANG PROJECT (CARLEY BORE) in Australia.
Its stock quote reached its highest recent level on December 30, 2010 at AU$ 0.35, and its lowest recent point on July 14, 2017 at AU$ 0.01.
Energia Minerals has 783 030 016 shares outstanding.