Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF) and its subsidiary Strata Energy Inc are progressing with the construction of plant facilities and wellfield development at the Lance Uranium Project in Wyoming, USA.
Significant strides were made in August towards the anticipated operational restart in the late fourth quarter of 2024.
Phase II plant expansion construction is progressing rapidly, with more than 70 contract workers on-site daily. The project has transitioned to a 24-hour schedule to maximise efficiency.
Concrete slabs being poured at the Lance process plant.
Key August milestones include:
- Completion of plant foundation concrete pours.
- Significant progress on plant floor slab construction.
- Commencement of building erection.
- Installation of critical plant equipment, including vessels, pipe rack steel and tanks.
“I am extremely proud of the hard work and determination of our team on the ground at Lance. We are progressing and we are staying focused on our goal of restarting uranium operations this calendar year," Peninsula’s MD and CEO Wayne Heili said.
“The months ahead will be busy but our team are ready and we have our eye on the prize of becoming the next ASX-listed uranium company set to enter production.
“The fundamentals and importance of uranium continue to strengthen, as countries across the globe embrace nuclear energy as a leading clean energy source to achieve decarbonisation targets. Importantly, Peninsula will be bringing Lance online at a time when the need for new sources of uranium could not be stronger.”
Wellfield development
Concurrently, the PEN’s teams are developing wellfields, MU-3 and MU-4.
PEN has allocated five drill rigs to resource delineation and monitoring well installation activities for MU-4.
MU-3, HH-11 building in the foreground with installed wells in background.
Drilling and casing of interior monitoring wells began in August. The construction of wellfield infrastructure, including pipelines, powerlines, fences and roads, for the entire MU-3 area is approximately 80% complete.
The preparation of Header House 11 (HH-11), which is the first of three modules planned for production in MU-3, is nearly finished. The construction of HH-11 is on schedule, with pre-conditioning operations expected to start in September.
Key wellfield activities include the following:
“Lance is one of the largest uranium in-situ recovery (ISR) projects in the United States, underpinned by 58 million pounds U₃O₈ of JORC (2012) resources, and the company looks forward to growing our flagship project into a key supplier of high-quality yellowcake,” Heili said.
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