Uvre is fully funded for its exploration campaign at Frome Downs with more than $3.3m in cash. Pic: Getty Images
Uvre inks approvals to survey Frome Downs uranium project
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- Uvre has made an immediate start to exploration at Frome Downs
- Approvals have been secured to conduct a passive seismic survey
- Negotiations have also kicked off in relation to a heritage survey agreement
Special report: Key approvals including Pastoral and Native Title access have been granted at Uvre’s Frome Downs uranium project, paving the way for exploration.
South Australia’s Frome Basin is Australia’s only producing pure-play uranium region, hosting both the Beverley and Honeymoon in-situ uranium mines.
In line with its shift from lithium and uranium exploration in Wyoming to South Australia, Uvre (ASX:UVA) completed a string of board changes alongside the acquisition of two new projects earlier this month.
The Frome Downs and Yankaninna landholdings boast potential for the discovery of large sandstone-hosted uranium deposits, as identified from aerial surveys conducted by Geoscience Australia and the Geological Survey of South Australia.
Approvals in the bag
UVA has taken another step forward in its exploration plans at the projects having secured approvals to conduct a passive seismic survey at Frome Downs.
Set to begin in August, the program will be low cost, have little to no environmental impact and will be highly effective at identifying subsurface palaeovalleys and channels.
UVA has also started the negotiation process in respect to a Heritage Survey Agreement, which is required to undertake follow-up exploration programs at Frome Downs.
As part of this, the explorer recently presented to the Adnyamathanha Traditional Lands Association.
Frome Downs covers 343km2 of land, which has only been tested by just seven drillholes of which four definitively intersected and passed through the Eyre Formation – the most prospective Tertiary horizon for sedimentary uranium to the east of Lake Frome.
Of the remaining three drillholes, all intersected the Namba Formation, including one drillhole with weakly anomalous gamma logging response.
The most prospective Tertiary-age sedimentary horizon for uranium mineralisation is still largely untested.
Head start on exploration strategy
“We have wasted no time in starting our exploration campaign at Frome Downs,” UVA executive chairman Brett Mitchell says.
“This reflects our view of the project’s potential to host a large uranium deposit and our commitment to creating value for all our stakeholders through exploration.
“The fact that four of seven historical drill holes on the Frome Downs project intersected the Eyre Formation gives us a great head start for our priority exploration strategy,” he says.
“While the seismic survey is conducted, we will continue our constructive discussions with the Native Title holders so that we can be in a position to immediately undertake follow-up exploration programs.”
This article was developed in collaboration with Uvre, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
