Koba Resources Ltd (ASX: KOB), a junior explorer normally focused on South Australia, has picked up a large uranium project in Canada which has virtually no exploration footprint but has revealed grades of above five percent.
The Harrier uranium project covers 131 square kilometres in Canada’s eastern province of Newfoundland and Labrador, with the Goose Bay regional hub 110 kilometres away.
The territory is underlain with a belt of Proterozoic and Archean aged rocks which have hosted notable uranium resources such as Paladin Energy’s Michelin – containing 127.7 million pounds of triuranium octoxide (U3O8) – and the Moran Lake and Anna Lake deposits, comprising historical resources of 14.5mlbs U3O8 and 136.4mlbs of vanadium pentoxide (V2O5).
There has been no exploration at the Harrier project since 2012, but a review of historic data pointed Koba towards nine prospects which held more than one percent U3O8 – based on rock samples – with three of these entirely undrilled to date.
Two prospects – Moran Heights and Fish Hawk North – have grades over five percent, with the former registering grades of 5.83 percent U3O8 and the latter holding grades of 5.08 percent U3O8.
Managing director and CEO Ben Vallerine said Koba’s acquisition of Harrier could provide an opportunity for a high-grade uranium discovery in a relatively unexplored area, especially given the history of promising mineralisation found in the territory.
“Koba’s focus remains firmly on our Yarramba Uranium Project in South Australia, where drilling is set to commence next month,” he said.
“But the opportunity to acquire the extremely prospective Harrier Uranium Project, for minimal cost, was too good to pass up.
“This additional project allows us to continue to leverage on our North American uranium experience and will increase our chance of making a significant uranium discovery in the near-term.
“The Harrier Project includes nine very exciting prospects. At each of these nine prospects rock chip assay results in excess of 1.0 percent U3O8 have been returned, including assays up to 5.83 percent U3O8. Incredibly, very little exploration, or drilling, has been undertaken previously.”
Koba Resources is trading at 9.8c.