Australian Rare Earths (ASX:AR3) has identified multiple uranium targets at its Overland Uranium Project in South Australia following a prospectivity analysis process.
The company notes three key characteristics are required for the deposition of sedimentary-hosted uranium deposits, including a source, pathways, and traps for uranium, which have all been declared as present in the project area.
The target Renmark Group sediments display characteristics favourable for in-situ recovery (ISR) uranium mineralisation, including permeable pathways and reductants.
Managing Director and CEO Travis Beinke says the results are similar to those of other ISR uranium operations in the region.
“This project is a key part of the company’s strategy to explore and potentially develop transition metals for a decarbonised future, with uranium playing a critical role in the global clean energy mix.”
Australian Rare Earths, which has a market capitalisation of $15.59 million, will now conduct stakeholder engagement in preparation for on-ground exploration activities and develop an exploration program.
The company also plans to continue compiling and interpreting all existing geological and geophysical data. Wide-area geophysical surveys designed to map the sedimentary formations on the basement architecture are likewise being planned.
Australian Rare Earths notes there will be scope for future airborne electromagnetic surveys to be completed and for on-ground geophysical surveys to be conducted to further refine targets.
Remote sensing and on-ground geophysical techniques will provide the company with valuable information for subsurface investigations through the drilling planned to be undertaken.
The Overland Project covers a 3,000km2 area and sits 220km southwest of Boss Energy’s (ASX:BOE) Honeymoon Mine in South Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Australian Rare Earths
