Orpheus Uranium (ASX:ORP) has been granted the 87km2 Woolshed Uranium Project in South Australia.
Orpheus, which has a $21.83 million market capitalisation, has begun preparations for geophysical surveys, geochemical sampling, and drilling following a site visit.
Woolshed sits 4km from Boss Energy’s (ASX:BOE) 36-million-pound Honeymoon and 11-million-pound Jasons deposits on the southeastern portion of the Frome Embayment, Southern Curnamona Province region.
The project is considered prospective for sedimentary-hosted roll-front and tabular-style uranium mineralisation and also contains a portion of the Yarramba Palaeochannel, which is host to the uranium mineralisation within cenozoic sediments of the Eyre Formation in the region.
The inferred Yarramba palaeochannel has only one known historic drillhole that Orpheus says penetrated the prospective Namba and Eyre Formations, confirming an established sedimentary sequence at Woolshed.
Further, airborne radiometric imagery reveals evidence of erosional processes, indicative of radionuclides shedding off the radiogenic Honeymoon granite directly across the Woolshed and toward Yarramba.
This is the latest acquisition the company has made this month, with the uranium explorer on 9 April completing the acquisition of the Frome Uranium Project, as reported by Mining.com.au.
Orpheus Uranium is focused on exploration in South Australia and the Northern Territory. Both jurisdictions allow uranium mining and processing.
As of December 2023, the company had $5.3 million in cash at hand with no debt, according to its latest investor presentation.
Write to Adam Drought at Mining.com.au
Images: Orpheus Uranium
