Core Exploration Ltd (ASX:CXO) has upgraded the JORC resource estimate for its 100% owned Napperby Uranium Deposit in the Northern Territory.
The new estimate of 9.54 million tonnes at 382 ppm U3O8 for 8.03 million pounds of U3O8 is an increase in both grade and contained U3O8.
Notably, the Napperby deposit also includes significant vanadium mineralisation of 9.54 million tonnes at 236 ppm vanadium pentoxide.
Core's managing director Stephen Biggins said: "The upgrade of Napperby to JORC 2012 guidelines is particularly exciting during a time of increasing uranium prices.
"Core notes with interest that the spot uranium price has increased close to 35% over the past year.
"We remain committed to moving as quickly as possible towards development of our Finniss Lithium Project, and to this end, with the resource estimate now completed, we can move forward on divestment discussions on Napperby to extract value for Core shareholders."
Significant potential remains to grow Napperby through further drilling of the immediately surrounding mineralisation.
In addition, there is substantial potential for additional uranium mineralisation within Core's large 714 square kilometre prospective project area at Napperby.
Core has been contacted by multiple parties expressing interest in Napperby.
Napperby is located in the Northern Territory which is a low-risk Australian jurisdiction with a long consistent history of uranium production.
Notably, the Ranger Uranium Mine in the Northern Territory has been operating since 1981.