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Peninsula Energy drilling returns high grade uranium intercepts

Peninsula Energy (ASX: PEN) has intercepted high grade uranium in a drilling program targeted at upgrading the resource at the Lance Project in Wyoming, United States.

The company is pursuing a strategy of converting Inferred Resources to Indicated Resources alongside regional exploration to identify further mineralisation in the area.

Of the 148 holes drilled in this program, 18 have encountered significant mineralisation, with 16 recording multiple stacked intersections of uranium. The majority of holes were drilled in the western parts of the Ross project area.

The recent drilling has produced thick, higher grade intercepts, including:

- 6.4 metres at 830 parts per million (ppm) uranium from 217 metres, including 3.5 metres at 1,150ppm uranium;
- 8 metres at 390ppm uranium from 218 metres, including 1.98 metres at 540ppm uranium; and
- 6.2 metres at 371ppm uranium from 217 metres, including 0.7 metres at 1,750ppm uranium.

The high grade intersections are located within sandstones occurring in the Lower Lance Formation, above the mineralised horizons which contain the majority of the existing resources.

This highlights the potential for further mineralised horizons within the Lower Lance formation.

Drilling at the Met Hill and Turtle Hill areas also returned high grade results, with a peak intersection of 3.5 metres at 1,150ppm uranium equivalent, within a broader intersection of 6.4 metres at 830ppm uranium equivalent.