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Australian Rare Earths (ASX:AR3) has today confirmed the extension of mineralisation along the zone targeted by last year’s drilling campaign at the company’s Overland uranium project in South Australia.
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Assays from 2024’s drilling work at the Western Margin Target Zone helped confirm a depositional model for sedimentary-hosted mineralisation there, through the correlation between the drill results and results from gamma and pXRF.
These included one metre at 51ppm (parts per million) U3O8 (triuranium octoxide) from 89 metres; one metre at 43ppm U3O8 from 102 metres; one metre at 61ppm U3O8 from 85 metres; and one metre at 39ppm U3O8 from 84 metres.
One crucial reveal from the drilling work was the anomalous uranium intersected over one-metre intervals at notable geological contacts between permeable sands and lignitic clays in holes OV012 and OV013.
Managing director and CEO Travis Beinke said these results boosted AR3’s expectations for Overland. “These assay results validate our geological model for ISR amendable uranium mineralisation,” he explained.
“To confirm there is a working system with uranium present so early in our exploration efforts is a great start and reinforces our confidence in the project’s potential.”
The latter also supports the case for in-situ recovery from the Overland project, given the suitability of this for the processing of permeable sediments.
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AR3 shares have moved down since the news, and at 13:02pm, they were trading at 8.2 cents – a fall of 4.65% since market open.
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