daejon

This is my take on what is going on at Daejon?
The Daejon leases are in a rugged mountainous area with limited vehicle access.
The 65 million pound Inferred resource was determined by drilling on the lower slopes, basically sideways and down into the hills of interest.
As a consequence, the resource definition to date has not addressed the upper part of the hill, which could be substantial.
The work in 1983 was limited to this because of the very difficult access, the logistical issues of getting drilling plant, people, et cetera to the ridge area, combined with the very low price of uranium at that time. It was simply not economic as far as the grade or the cost to prove up. However, a lot has changed in 30 years. For one, the Spot Price of uranium is about sevenfold higher.
The KIER drilling identified mineralisation between 100m and 400m below the surface.
The sampling of the ridge area as reported 28th May was necessary to better understand how the geology is put together and the results demonstrate the mineralisation is most likely continuous with the early work.
The next major step is most likely to be drilling basically straight downward from the trench line to the known ore body. That is, establish what is in the upper part of the mountain, between the trench line and the KIER drilling between 100m and 400m.
The assays from the 245 metre long trench of up to 1,003ppm U2O5 and 13,924ppm V2O5 are eye wateringly good; grades some only dream of.
While the trench is substantial at 245 metres long, it is only about a metre deep and the rules applied in defining a resource are such only the trench depth, plus maybe a couple more metres can be included in any resource statement. It may be logical that while uranium will dissolve, it certainly doesn’t evaporate. However, to prove it has gone down into the hill, the hill has to be drilled.