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Vancouver-based Cue Resources (TSX-V: CUE ) sees potential at its Yuty project in Paraguay's Caazapá department to compile 25M-30Mlb (some 11,340-13,600t) of uranium resources, according to Gary Stock, corporate development VP for Longview Capital Partners, a large shareholder of Cue.
Cue recently outlined an indicated resource of 9.0Mt grading 0.04% uranium (U3O8), or 8.3Mlb contained, and an inferred resource of 1.1Mt at 0.05% U3O8, or 1.2Mlb contained.
"Now that the core area of the deposit has been upgraded in size, additional drilling will be done around the edges of that deposit to make it bigger," Stock told BNamericas. "The company is currently processing the last drilling results in order determine the next best place to drill."
Also, the company is arranging for a non-brokered private placement to raise up to Cdn$2mn (US$1.74mn).
"Assuming that Cue raises Cdn$2mn, I would expect that at least Cdn$1mn would go towards drilling, while the remainder of the money would be for test work, technical work and administrative [expenses]," Stock added.
The Yuty concession covers some 235,000ha.