Located in north-central Botswana, the Foley project covers 971.9 km2 under licence, wholly-owned by Eastport. The project borders A-Cap Energy’s Letlhakane deposit, one of the world’s largest undeveloped uranium deposits, with an in-situ resource of 280 million pounds (Mlbs) U3O8. Uranium was first discovered in the region in the early 1970s, and an improved understanding of the deposit type has enabled the resource to be significantly expanded.
Mining infrastructure in the region is excellent, with power, transport, and skilled labour all in close proximity. At Selebi-Phikwe the processing of sulphide ores creates the opportunity for a local acid supply for uranium ore processing.
A-Cap Market Capitalisation $60 million*
A-Cap Energy’s Letlhakane uranium deposit is located to the adjacent southern border of Foley, with A-Cap’s mining licence shown in red on the adjacent map. A-Cap has reported a global resource of 822 million tonnes at a grade of 202 parts per million (ppm) U3O8, equivalent to 365.7 Mlbs.
* Market capitalisation correct as at 14 June 2022.
Airborne Reprocessing Report
Red indicates a high amount of elevated radiometrics, blue indicates low amount of elevated radiometrics
An assessment study and an initial groundwater study have been completed with positive results. The airborne reprocessing has also been completed, and resulted in the discovery of a large area of elevated radiometrics, which necessitated a second licence to cover an additional area of interest.
Favourable geology for hosting uranium mineralisation extends to the west and north from Letlhakane into the Foley licence. Eastport’s exploration activity will focus on extensions of Letlhakane, as well as prospecting for additional hidden channels under the thinner parts of the overlying sedimentary cover.
Major exploration layers are available for reprocessing, whilst a network of existing water boreholes allows for groundwater vectoring for an understanding of the bedrock architecture.
The exploration programme will undertake uranium-in-water sampling in existing boreholes to aid in vectoring toward hidden mineralisation that extends west from the Letlhakane area. Reprocessing of sensed airborne data has located additional areas for initial surface exploration, with RAB drilling being undertaken for the final testing of targets.
Preliminary work is already underway and will initially focus on the area to the immediate north of the Letlhakane mining licence, where historic drillhole data and cores are also available for stratigraphic interpretation.
Major exploration layers have been acquired for reprocessing, as well as a network of existing water boreholes that have allowed for groundwater vectoring for bedrock architecture understanding. The early interpretation of this data is extremely encouraging.