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Australian Rare Earths Ltd (ASX:AR3) has found indications of uranium mineralisation at its Overland project in South Australia, after completion of four aircore (AC) holes at its first target.
The drilled holes – which totalled 640 metres – intersected thick sequences of Murray
group stratigraphy which included within it interbedded sands and clays: these features act as indicators of uranium bearing groundwaters and uranium mineralisation.
AR3 has predicted significant potential for a uranium discovery at Overland, based on understandings of the paleochannel sediments of the Renmark Group and Murray Group sediments which are present there.
The project spans 3,000 kilometres overall, and drilling at the first target was enabled by the grant of 2 Exploration Program for Environment Protection and Rehabilitation (EPEPR) approvals, which allowed immediate exploration in around 770 kilometres of this.
AR3 Managing Director and CEO Travis Beinke said the yield from these 4 drilled holes boded well for future exploration.
“Today’s announcement signals proof-of-concept success within the first four holes drilled
targeting uranium within this frontier uranium region,” he said.
“Positive results from our first series of holes at the Overland Uranium project’s initial target, validates our geological model for the potential for sedimentary-hosted uranium deposits within the project area.”
AR3 shares have been higher on the news, and at 11:55 AEDT, they were trading at 11.5 cents – a rise of 4.54% since the market opened.
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