Osmond Resources (ASX:OSM) is moving forward with plans for geochemical and geophysical surveys after flagging the presence of potential ‘large-scale’ uranium (U3O8) mineralisation at its Fowler Project in South Australia.
The company says a review of historical uranium anomalies has identified a potential uranium roll-front system hosted in sands and clays within 10m to 30m of the surface and over a ‘large’, up to 20km strike length.
Osmond reports existing historical core will be resampled using XRF to confirm uranium mineralisation and sample intervals selected for re-assay.
Sampling will be expanded to include drillholes targeting heavy mineral sands in the overlying cover sediment once Osmond geologists examine and assay the historic drill samples at the South Australian Core Reference Library.
As of 12:05pm AEDT, Osmond Resources’ share price had increased 49.999% to $0.105 per share on the back of the news.
Executive Director Andrew Shearer says the identification of uranium potential is an ‘exciting’ development for the company.
“South Australia is one of the best jurisdictions in the world in which to discover and produce uranium, host to three of Australia’s licenced and operating uranium mines.
Osmond is fortunate to have one of Australia’s experienced uranium explorationists, with over 20 years uranium experience, as our Exploration Manager to advance this exciting project.”
Exploration Manager Charles Nesbitt says the potential roll-front style of mineralisation is a crucial step in uranium exploration.
“The recognition of the potential large-scale roll-front style of mineralisation is a crucial step in uranium exploration. It allows Osmond to predict mineralisation morphology based on sedimentary environments and vectors towards the higher grade ‘nose’ facies of the roll front mineralisation.
I am excited, by not only the potential roll-front style mineralisation, but also a number of other possible uranium deposit styles that may exist in the region.”
Osmond Resources is a mineral explorer focused on the exploration, development, and acquisition of mineral resource projects.
The company’s Fowler Domain Projects straddle the boundary of the geological domain in far western South Australia.
As of 30 October 2023, Osmond had $4.670 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Osmond Resources
