Koba Resources (ASX:KOB) has secured a 100% interest in 2 new tenements covering 1,085km-square immediately north of its recently acquired Yarramba Uranium Project in South Australia.
The $14.75 million market capitalisation company says the new tenements, granted by the Department for Energy and Mining, bring Koba’s combined tenure to over 5,100km-square within the Frome Embayment — a ‘world-class’ uranium jurisdiction.
Defined resources within the Frome Embayment exceed 250 million pounds (Mlbs) of triuranium octoxide (U3O8) comprising both the Beverley and Honeymoon uranium mines.
Koba reports the tenements include the extension of prospective palaeochannels that are a continuation of those that host Koba’s Oban uranium deposit, which has a JORC 2004 Mineral Resource estimate (MRE) of 8.2 million tonnes @ 260ppm U3O8 for 4.6Mlbs of U3O8.
According to Koba, limited previous drilling within the northern tenements intersected palaeochannel sands in 21 of 23 drillholes. Gamma radiation 3 to 4 times higher than background levels were reported in 6 of the holes.
The company notes the elevated gamma readings are indicative of low-level uranium mineralisation, confirming the prospectivity of the underexplored palaeochannels.
Data from the northern tenements will be included in Koba’s ongoing project-wide data review, which is being undertaken to prioritise targets and plan work programs.
Managing Director and Chief Executive Officer (CEO) Ben Vallerine says an inaugural drilling program is expected to begin in Q2 2024 as the uranium price continues to increase.
“Koba is pleased to have acquired an additional 1,085km-square of mineral tenure that covers the northern extensions of the paleochannels that we are targeting in our recently acquired Yarramba Uranium Project.
Anomalous uranium intersections within paleochannel sands have been returned from the very limited drilling in this newly acquired area. This provides Koba additional opportunities to discover paleochannel-hosted uranium mineralisation – all within a world-class, pro-uranium mining jurisdiction in South Australia.
The Yarramba Project now covers 5,100km-square. It is centred on 4.6 million pounds of U3O8 at the Oban Deposit and provides a great foundation upon which a substantial resource base can be built.”
Koba Resources is a resource company exploring a portfolio of ‘high-grade’ lithium and cobalt projects in North America and Australia.
As of January 2024, Koba Resources is expected to have $6 million cash at bank, following a $2 million placement which is scheduled for completion in the coming days.
Write to Adam Drought at Mining.com.au
Images: Koba Resources
