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- Dreadnought has turned its attention to uranium
- The company says there’s a dozen targets to chase up on-site its Bresnahan project
- However, the WA government has made it clear it doesn’t want uranium to be mined
- Shares were up over 5% to 2cps
Well-known polymetals explorer and microcap Dreadnought Resources (ASX:DRE) has revealed its latest target for 2024 exploration: uranium.
The stock is keen to firm up knowledge of what it does or does not have in way of the nuclear fuel on-site its Bresnahan project in WA.
Bresnahan now sees uranium join the list of prospect minerals already extant which include rare earths and gold.
“A dozen significant untested unconformity and paleochannel uranium targets from geophysical data” are on geotechs’ radars with some data from Cameco going back to the early 2000’s.
Dreadnought described the Bresnahan Basin as one of the “known uranium provinces” in the west, despite the WA ALP having banned uranium from future mining leases – for now.
Users on HotCopper mused whether or not crashing iron ore prices would continue on the back of a weaker China and what that would mean for WA’s wealth in the long run – and if this would mean the stance towards uranium softens.
(Despite slipping below US$100/lb, uranium prices on the NYMEX remain at record highs.)
Regardless, Dreadnought says “discussions are underway regarding partnerships or commercialisation of Bresnahan.”
“Bresnahan is a known uranium province containing over a dozen quality targets identified by a significant amount of work undertaken by the likes of Pancontinental, Cameco, Vale and Dreadnought,” company chief Dean Tuck said.
“These targets were never followed up due to a lull in uranium prices.”
Despite this, Tuck also said the company remains focused on gold.
Dreadnought shares last traded at 2cps, up 5.26% in the first hour of trades on Thursday.
