Australian Rare Earths (ASX:AR3) has secured an additional 990km2 of ground prospective for uranium adjacent to its Overland Uranium Project in South Australia, after entering into a farm-in agreement with privately held explorer Sheer Gold.
Under the agreement, Australian Rare Earths can take over ownership of the sedimentary-hosted uranium rights within exploration licence 6678 by spending $200,000 before 23 September 2025.
This will expand the $15.86 million market capitalisation company’s landholding to 3,970km2 of land in South Australia’s Murray Basin.
The Overland Project is located 220km southwest of Boss Energy’s (ASX:BOE) Honeymoon Mine.
Australian Rare Earths believes the project area holds similar potential to Honeymoon, targeting palaeochannel sediments of the Renmark Group — which are geologically analogous to those in the Eyre Formation, which hosts Boss Energy’s operations.
CEO Travis Beinke says the expanded tenure strengthens the company’s position in a prospective uranium region.
“With our first drilling program at Overland now underway and already delivering encouraging results at our first target in this greenfield exploration venture, we are eager to advance exploration on high-priority targets across the expanded project area,” Beinke says.
At Overland, historical drilling has provided target locations for follow-up work, with anomalous gamma responses within the Renmark Group sediments providing pointers to uranium being captured from solution at those locations.
As part of the agreement, the company notes it is conditional upon ministerial consent being received.
Both companies intend to cooperate on exploration and development activities.
Australian Rare Earths is a diversified mineral explorer focused on the discovery and development of its flagship Koppamurra Project in southeastern South Australia and western Victoria.
Write to Aaliyah Rogan at Mining.com.au
Images: Australian Rare Earths
