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- Argonaut Resources (ASX:ARE) expands its uranium portfolio in South Australia by securing two highly prospective projects: Mundaerno and Radium Hill South
- Argonaut will rebrand itself to Orpheus Uranium to reflect its primary commitment to uranium exploration development
- The Mundaerno project is 12 kilometres south of the Honeymoon Uranium Mine owned by Boss Energy (ASX:BOE) and the Radiuim Hill project boasts five drill-ready prospects
- A satellite imagery gas study will aim to detect helium as a potential pathfinder of uranium mineralisation, as well as hydrogen, methane and other gasses
- Sshares last traded at 10.5 cents
Argonaut Resources (ASX:ARE) has expanded its uranium portfolio in South Australia by securing two highly prospective projects: Mundaerno and Radium Hill South.
This strategic acquisition has prompted the company to initiate a corporate rebranding, with plans to adopt the name Orpheus Uranium, reflecting its primary commitment to uranium exploration and development.
“We are very pleased with the grant of these two applications, which significantly expands our foothold of prospective paleochannels in South Australia’s leading uranium province,” ARE Executive Chair Mick Billing said.
Mundaerno
Located approximately 12 kilometres south of Boss Energy’s (ASX:BOE) Honeymoon uranium mine, Mundaerno encompasses a section of the highly prospective headwaters of the Yarramba Palaeochannel.
The Yarramba Palaeochannel itself is a known host to significant sedimentary-hosted uranium deposits, including the Honeymoon mine, with 36 million pounds of contained uranium, and its Yarramba deposit, which holds 11 million pounds of contained mineralisation.
Despite limited historical drilling in 2011, the project is positioned directly atop Mesoproterozoic granitic rocks, which represent a potential source of uranium.
Historical results confirm uranium mineralisation within the Tertiary sequence sediments of the Yarramba Palaeochannel, with peak uranium values reaching 130 parts per million (ppm) uranium.
Radium Hill South
The Radium Hill South project was granted by the Government of South Australia through a competitive application process and holds five promising prospects.
Each prospect boasts drill-ready targets situated within the Olary Palaeovalley System, featuring a substantial five-kilometre strike length of Tertiary palaeo-channels.
These channels have been prioritised for geophysical targeting and subsequent drilling activities, as crucial historical drill results reveal notable findings, including up to 400 ppm uranium over 1.9 metres from more than 100 metres at one prospect, Gairloch.
Moving forward
Argonaut has commenced a satellite imagery gas study using Sentinel-2 satellite imagery and thermal imagery to determine whether spectral signatures can identify gasses emanating from the earth’s surface.
This study aims to detect helium, a potential pathfinder of uranium mineralisation, as well as hydrogen, methane, and other gasses.
The company has also initiated stakeholder engagements to obtain land access for on-ground exploration activities, while it reviews historical datasets to further refine drill targets.
ARE shares last traded at 10.5 cents.
