Yarranna

Overview

Highlights:

• Located in South Australia, a uranium mining friendly jurisdiction with an operating uranium mine and several near-term production and advanced development projects including Quasar Resources’ Four Mile Mine, Boss Energy’s Honeymoon Project and Alligator Energy’s Samphire Project.
• Historic drilling intersected high grade, shallow mineralization including:
  • 1 metres grading 0.355% U3O8 from 66 metres
  • 4 metres grading 0.086% U3O8 from 67 metres
• Mineralization is potentially amenable to In Situ recovery
• Exploration potential remains high with widely spaced historic drilling testing a limited area of the favourable paleochannel target area.

Geology

The Yarranna project is an advanced stage exploration project located in the Eucla Basin of southwest South Australia. Uranium mineralization was first discovered on the Project in the 1980s by the Carpentaria Exploration Company Pty Ltd., which carried out extensive uranium exploration up until 1988, including geophysics (resistivity, airborne photographic survey, airborne mag and radiometric survey, ROAC survey), drilling (rotary, air core/RC, diamond drilling) and associated downhole probing (Gamma, Resistivity, SP) and assays. This work led to the discovery of four uranium prospects named Yarranna 1 to 4. Between 2007 and 2009, Iluka Resources Limited, conducted an airborne survey and rotary and air core and drilling for uranium. Significant historic drill intersections are shown in Table 1 below.

Yarranna Project with select key rotary and air core drill results