Argonaut Resources’ (ASX:ARE) has pegged a new uranium exploration project considered highly prospective for sedimentary-hosted roll-front and tabular-style uranium mineralisation.
The Woolshed project sits 4km west of Boss Energy’s (ASX:BOE) Honeymoon Uranium Mine in the south-eastern portion of the Frome Embayment, Southern Curnamona Province region of South Australia.
The $24.68 million market capitalisation company, which is being renamed to Orpheus Uranium says Woolshed contains 2 blocks (Northern and Southers), with the Northern block containing a portion of the Yarramba palaeochannel and the Southern block containing the headwaters of the Yarramba palaeochannel.
The headwaters sit directly on top of the mesoproterozoic granites contiguous with Argonaut’s recently acquired Mundaerno Project.
Argonaut notes the acquisition ‘substantially’ increases its footprint within Yarrama.
A review of historic datasets to delineate areas for exploration has begun to pave the way for exploration activities immediately following grant of tenure.
Argonaut received approval to undergo the name change at its latest annual general meeting in November 2023.
In late 2022 the company attempted to spin-out its portfolio of uranium assets into a single vehicle called Orpheus Minerals via an initial public offering (IPO).
However, Argonaut withdrew from the Orpheus Minerals IPO in December 2022 after it failed to meet the minimum subscription condition of $6 million.
Argonaut Resources is an explorer focused on its Australian uranium assets in South Australia and the Northern Territory.
As of 30 December 2023, Argonaut had $5.3 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Orpheus Uranium
