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Vimy Resources expects 'high-grade, small and rich deposits' at Alligator River Project

Vimy Resources Ltd (ASX:VMY) CEO and managing director Mike Young speaks to Proactive Investors about the uranium development company’s burgeoning and established Australian projects.

A final investment decision on the advanced Mulga Rock Project in Western Australia is expected in 12-18 months, pending the confirmation of off-take contracts and financing.

Meanwhile, the company is set to commence drilling at its newly-acquired Alligator River Project in Arnhem Land in the Northern Territory. Young says, “the news flows [investors] want are drill results and blue sky and upside; and that's what the Alligator River Province will give to us.”

"This is a uranium province which is one of the top three in the world... those other two geological provinces have been explored and they're currently mining. The Alligator River Province, which hosts the Ranger and Jabiluka deposits, went through a long phase of no exploration because of politics... you've got this big area of unexplored ground which is really prospective for uranium… Our plan this year for the field season is to go up and drill the Angularli Deposit and another really exciting project that we call Such Wow,” says Young.

Explaining the unique uranium commodity market, and price projections, Young comments “we’re seeing supply side discipline, and what we should see in the not-too-distant future is a reaction to that on the buy side.”

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September 21 2016

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