Orpheus Uranium (ASX:ORP) is planning to launch 7,000m program to drill 30 rotary mud drillholes at the Frome Project in South Australia, to target 12 historic drillholes.
Historic drilling results include uranium grades of more than 1,500 parts per million equivalent uranium.
The $16.32 million market capitalisation company has submitted a Program for Environment Protection and Rehabilitation (PEPR) to the South Australian government and appointed a drilling contractor and geophysical wireline logger.
Once permits have been received, Orpheus will prepare drill sites, mobilisation, and logistics to begin drilling in Q2 2024.
Executive Chairman Mick Billing says: “We look forward to our initial drilling campaign at Erudina, a significant milestone for the company as a newly focussed uranium explorer and providing updates on our work as we aim to uncover the uranium potential of the Frome Project.”
Orpheus recently completed a Heritage Survey at the Frome project and is waiting for a formal response from the Adnyamathanha Traditional LAnds Association in respect of the survey report — expected to be returned late this month.
The company has uncovered a ‘highly encouraging’, widespread exploration target zone containing ‘significant’ uranium mineralisation at the Erudina prospect, as part of Frome. The mineralisation extends across an area of 12km north-south by 7km east-west.
The Frome Project comprises 4 ‘highly prospective’ exploration licences in South Australia.
Orpheus Uranium, previously known as Argonaut Resources, is a mineral explorer with assets in South Australia and the Northern Territory that are considered prospective for uranium.
As of 31 December 2023, the company had $5.3 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Orpheus Uranium
