Javelin Minerals (ASX:JAV) is currently drafting up a work plan for an initial uranium exploration program in the near future at its wholly owned Mt Ida Project in Western Australia.
Javelin, which has a $4.35 million market capitalisation, says it is seeking to begin the uranium exploration program after uncovering an ‘extensive’ uranium target from a detailed data review by the new company board on all its existing assets.
The target, sitting in the Stakeyard Well Uranium prospect, is hosted within 4 separate tenements and extends across a 28km east-west distance by an average 3.3km width, comprising ‘highly prospective’ tertiary calcrete sediments over Lake Raeside.
Uranium mineralisation is open to the south of the prospect.
Historical results from shallow aircore drilling over Stakeyard Well include uranium grades up to 297.64 parts per million.
Further, carnotite — a radioactive vanadium metal that is an important source of uranium — has been flagged on the banks of tenement E37/1490, where limited exploration programs have been undertaken to date.
The aim of the review was to identify the potential for commercial scale mineral deposits from the available data on its current assets. Following the initial findings at Mt Ida, the company will evaluate the immediate opportunity to generate uranium targets for further exploration.
Javelin Executive Chairman Brett Mitchell says it is on the cusp of defining ‘significant’ and ‘large’ low-grade uranium mineralisation based on the historical exploration data thus far.
“The board believes these results have highlighted potential for significant large tonnage low-grade uranium mineralisation based on the historical exploration data within the extensive radiometric anomaly hosted within Lake Raeside.
Based on the findings from this project data review, the company will refine our targets based on geophysics, geochemistry, geology and structural interpretation. This further supports on-going ground exploration to systematically explore this highly prospective area.
We are confident in the potential for delineating uranium mineralisation at Mt Ida based on the available historical drilling results together with our understanding of the structural/lithological controls which host the uranium mineralisation within our surrounding neighbours.
The recent work has given us the geophysical, lithological structural targets and trends known to previous explorers for immediate further evaluation.”
The Mt Ida Project comprises 20 exploration licences and applications totalling over 2,210km-square within the Eastern Goldfields.
Javelin Minerals is a diversified explorer focused on its projects across Australia. Javelin’s assets also include the Husky and Malamute, Coogee, and Bonaparte projects.
Write to Adam Drought at Mining.com.au
Images: Javelin Minerals
