Adavale Resources (ASX:ADD) has been granted a key uranium licence (EL6957) covering a 591km-square area within its Mundowdna licence in South Australia.
This licence includes a ‘large’ recognisable alluvial outwash system shedding from the central northern part of the Flinders Ranges, which ‘significantly’ expands Adavale’s Mundowdna exploration package and the overall uranium tenure in South Australia.
Adavale is now planning to refine and rank priority drill targets based on the current survey data provided, as well as assess infill gravity and electromagnetic (EM) survey areas and finalise exploration programs.
Upon completion, the company will conduct heritage clearances in consultation with Traditional Custodians, and notify the South Australian Mine Department of the intended work programs and approvals.
Adavale Resources Executive Director David Riekie says this licence expands the company’s landholding in a ‘highly prospective’ uranium province.
“A thorough interrogation of the comprehensive publicly accessible dataset available, has assisted Adavale to identify interpreted palaeochannel systems and refine priority targets within its tenure.
The outwash and paleochannel systems shedding from the Flinders Ranges appear to be the most prospective for uranium. On the basis, Adavale is confident to progress its exploration plans.”
Following today’s (5 December) announcement, Adavale’s share price had climbed 25% to $0.010 as of 12 noon AEDT.
Adavale Resources is a battery minerals-focused explorer with assets in tier-one mining jurisdictions.
As of 30 September 2023, the company had $2.182 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Adavale Resources
