PNX Metals (ASX:PNX) has reclaimed the uranium rights over a ‘large’ portion of its tenure in the Pine Creek region of the Northern Territory.
The rights have been returned to PNX following the expiration of a 10-year third-party farm-in deal with private company Oz Uranium first signed in November 2011.
PNX, which has a $16.14 million market capitalisation, says the rights include the Thunderball uranium deposit and numerous nearby uranium prospects adjacent to its Hayes Creek zinc-gold-silver and Fountain Head gold projects.
All exploration materials, including data, drill core, and assay pulps, are now in the PNX’s possession.
PNX is assessing the information and considering its options regarding the rights, with an initial focus on the Thunderball deposit.
The company says Hayes Creek received ‘significant’ exploration focus between 2008 and 2011 including detailed geophysics, detailed mapping, surface sampling, and drilling, which resulted in the estimation of a mineral resource at Thunderball.
PNX plans to re-assess the resource, however, as it is not JORC 2012-compliant.
The company notes that numerous drill intercepts at Thunderball exceeded 1% triuranium octoxide (U3O8), including hole TPCDD026 with 11m @ 3.4% U3O8 from 144m, including 4.6m @ 8% U3O8, and hole TPCRD093 with 15m @ 8,633 parts per million (ppm) U3O8 from 135m, including 9m @ 1.4% U3O8 and including 1m @ 11.3% U3O8.
The tenure was originally owned by Thundelarra Exploration and subsequently transferred to Oz Uranium as part of a prior commercial agreement.
According to PNX, Pine Creek is regarded as one of the world’s largest and richest uranium provinces, containing the Alligator River, Rum Jungle, and South Alligator Valley uranium fields.
PNX Metals Managing Director James Fox says the return of the rights is ‘well-timed’ with a recent increased interest in uranium.
“Previous explorer Thundelarra discovered the near-surface Thunderball uranium deposit and advanced other greenfield uranium discoveries directly adjacent to PNX’s Hayes Creek zinc-gold-silver project.
“At the time of reporting in 2009, the exceptional uranium grades achieved at Thunderball were amongst the highest ever reported in Australia…”
At the time of reporting in 2009, the exceptional uranium grades achieved at Thunderball were amongst the highest ever reported in Australia and highlight the significance of these returned rights to PNX and the pre-eminence of the Pine Creek uranium province.”
PNX Metals holds a large tenement portfolio containing a mix of zinc, gold, and silver assets less than 170km south of Darwin in the Pine Creek region of the Northern Territory.
Oz Uranium is a subsidiary of Rockland Resources, a mineral explorer focused on the exploration of acquisition of mineral property assets.
PNX Metals had $2.035 million cash and cash equivalents at hand as of 30 September 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: PNX Metals
