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United States
Lance Mine

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 Location:
54 km NE from Gillette, Wyoming, United States

  Project Contacts:
2929 New Haven Road
Oshoto
Wyoming, United States
82721
Phone  ...  Subscription required
Fax307-467-5589
WebsiteWeb
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  • Filings & News

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Overview

StageRestarting
Mine TypeIn-Situ
Commodities
  • Uranium
Mining Method
  • Solution mining
Production Start...
Mine Life11 years (as of Jan 1, 2022)
Lance is one of the largest US-based uranium projects, with a 53.6M lbs U3O8 JORC (2012) compliant resource base. The Project commenced commercial operations in 2015.

Commercial operations were suspended in 2019 to allow the on-site team to focus on preparing for a transformation of the process chemistry applications to low pH in-situ recovery (ISR). In 2019 and 2020 the Strata team successfully obtained all the necessary amendments to its regulatory authorisations to allow Lance to operate using a low pH ISR process in addition to the originally authorised alkaline ISR process. Lance is the only US uranium project authorised to use the industry leading, low-cost, low pH ISR process.


Owners

Source: p. 14, 15, 93
CompanyInterestOwnership
Peninsula Energy Ltd. 100 % Indirect
Strata Energy, Inc. (operator) 100 % Direct
Peninsula Energy Limited (PEN) is an ASX listed uranium mining company with 100% ownership of the Lance Project in Wyoming.

The Project was licensed and constructed by Peninsula’s wholly owned US subsidiary Strata Energy Inc (Strata) and commenced commercial operations in 2015.

Contractors

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Deposit Type

  • Sandstone hosted


Summary:

The Project is located on the eastern periphery of the Powder River Basin that comprises mostly Cretaceous–Tertiary sediments.

The uranium deposits present in the Lance Projects are roll front in nature and hosted in 22 stacked mineralized sandstone units separated from different aquifers by impermeable mudstones/siltstones. A review of numerous electric logs indicates the best grades and thicknesses of mineralization are in clean, relatively thick sandstones. Where grades are generally low and thicknesses of mineralized horizons are minimal, the sandstones are interbedded with thin shale and mudstone. Zones of consistent mineralization are characterized by broad widths of clean sandstone bounded on top and bottom by shale beds. The bounding shale horizons are present in all areas where logs were available for review. This configuration is ideal for ISR of uranium.

The primary elements associated with the uranium are molybdenum (Mo), selenium (Se), and vanadium (V). Uranium is generally in the form of uraninite, coffinite, autenite or uranophane; molybdenum as molybdenite; selenium as ferro-selenite; and vanadium as vanadenite or carnotite.

The sandstones that make up the various formations of the Lance uranium deposits were all deposited in a fluvial-marine environment as channel sand or overbank deposits. They are characterised by fining-upward sequences comprising thick, laterally persistent, tabular, sheet-like sandstones.

U ........


Mining Methods

  • Solution mining


Summary:

In December 2015, Strata commenced uranium recovery operations at the Lance Projects, utilizing an alkaline based mining solution. The ore deposit at the project proved only moderately amenable to these alkaline solutions. While flow rates from the individual recovery wells were consistent with what was initially predicted, overall uranium recovery was lower than anticipated due to lower than anticipated head grades returned from the wellfield. Operating results showed that the alkaline based production method did not provide for a viable operation under current and projected uranium market prices. Significant efforts to increase production solution uranium concentrations were only moderately successful. In response to these challenges, the Company conducted a series of research initiatives aimed at improving the operating performance at the Project.

To develop a robust technical basis, the DFS incorporates operational parameters observed in the MU1A Low-pH Field Demonstration. The DFS utilises updated grade and recovery curves, ISR pattern design parameters, and reagent requirement models for both sulfuric acid and hydrogen peroxide that are based on the Field Demonstration outcomes. Process designs have also been updated according to the learnings of the Field Demonstration. Key changes include:
• A more conservative recovery curve has been modelled in the Ross and Kendrick DFS. The DFS extended the recovery curve by 5 pore volumes (approximately 33%) to a ........


Crushing and Grinding


Processing

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Summary:

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Projected Production:

CommodityUnitsAvg. AnnualLOM
U3O8 M lbs 1.314
All production numbers are expressed as yellow cake.

Operational Metrics:

Metrics
Annual production capacity  ......  Subscription required
* According to 2022 study.
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Reserves at :


Commodity Production Costs:

CommodityUnitsAverage
All-in sustaining costs (AISC) U3O8 USD  ......  Subscription required&nbs
C1 cash costs U3O8 USD  ......  Subscription required&nbs
All-in costs U3O8 USD  ......  Subscription required&nbs
Assumed price U3O8 USD  ......  Subscription required&nbs
* According to 2022 study / presentation.
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2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Expansion CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
Total OpEx $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
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Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 28, 2022
....................... Subscription required ....................... Subscription required Subscription required Nov 28, 2022
....................... Subscription required ....................... Subscription required Subscription required Nov 28, 2022
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Corporate Filings & Presentations:

DocumentYear
Annual Report 2022
Feasibility Study Report 2022
Press Release 2022
Year-end Mineral Reserves 2018
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