Australian uranium explorer Bannerman Resources has announced a 21% increase in the measured and indicated resources at its Etango uranium project in Namibia.

The measured and indicated resource estimate has been increased to 107.7Mlbs U3O8 from 89.2Mlbs, at an average grade of 208ppm U3O8.

The project’s inferred resources have increased by 40% to 52.4Mlbs U3O8 from 37.4Mlbs at an average grade of 197ppm U3O8.

Out of the total resource estimate, 67% is in the measured and indicated categories, Bannerman said.

Bannerman CEO Len Jubber said about two-thirds of the total resource estimate is located within 200mts of the surface.

“Bannerman is continuing with resource extension drilling and is also well advanced with a feasibility study into the viability of an open pit uranium mining operation at Etango,” Jubber said.