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Australian Rare Earths (ASX:AR3) is now preparing to launch follow up drilling after aircore results show potential uranium downhole at Overland.
Ten aircore holes have been wrapped up on-site and the company reported it’s hit the same type of rock it expected to – early-stage indications its geotechs’ belief a uranium deposit could lie underground is potentially valid.
Portable handheld xray readings also suggest uranium mineralisation, but, these should never be meaningfully relied on – holding the machine too close to core samples can greatly throw off readings and ASX Compliance rules require miners issue caution around such readings.
But, the company is set to move ahead with follow-up drilling, given the results of the AC drill run aren’t pointing to an absolute duster.
“Today’s drilling progress update provides additional proof-of-concept with the first ten holes targeting uranium within this frontier uranium region,” AR3 CEO Travis Beinke said.
“Drilling continues at our inaugural ~5,000-meter drilling program where we have a significant number of high-priority targets to test over time.
“Additionally, through last week’s Farm-In Agreement with Sheer Gold on EL6778, we have obtained access to a further ~1,000sq.km of strategic ground immediately adjacent to the project area.”
The company recently expanded its Overland project in South Australia with a farm-in option deal struck with private ‘Sheer Gold’ to spend $200K by September 2025 in exchange for access to further land.
With that deal now locked in, the Overland project has ‘grown’ – giving geotechs, all cards in order, more likelihood of finding targets to drill.
AR3 last traded at 10.5cps.
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