Uvre polishing yellowcake prospects for New Year drilling

Uvre’s second phase campaign to refine multiple paleochannel targets ahead of drilling
Surveying has demonstrated success mapping the uranium-rich terrain
Frome Downs project surrounded by eminent South Australian assets

Special Report: Uvre is refining multiple targets with a second phase exploration program ahead of drilling at its highly prospective South Australian uranium assets.

Uvre (ASX:UVA) has mobilised a geophysical crew to its Frome Downs project to work on the second stage program, targeting extensions of the uranium-bearing Billeroo paleochannel using passive seismic and gravity survey techniques.

The first phase found multiple lithological and structural anomalies in August and a new target area to explore where the interpreted sediments sit over a zone of strong structural complexity within the basement rocks.

September exploration then returned several of the potential paleochannels which can act as entrapment sites for yellowcake accumulation.

If Uvre sees further evidence of the project hosting sandstone-hosted uranium, the company intends on drilling its targets in the March quarter of the new year.

It is the first time the passive survey technique has been used across the tenements despite their location in a Frome Basin well established as a prime uranium province.

Neighbouring Honeymoon mine operator Boss Energy (ASX:BOE), which has a $1b market cap and reopened the Honeymoon uranium mine this year, has already shown how the survey technique can successfully map out a Frome embayment host and identify widespread uranium mineralisation.

Uranium down under

While the Northern Territory has its own history of uranium mining as one of two Australian jurisdictions where the practice is allowed, South Australia is renowned for its high prospectivity as home for as much as a quarter of the world’s uranium resources.

Despite its home country having little interest in the stuff, total uranium sales produced in South Australia exceeded half a billion dollars in 2020.

Alongside Honeymoon 130km away from where Uvre is drilling, there’s also a 6.3Mlb contained uranium resource in place at Boss’s Gould’s Dam discovery and a JORC 2004 resource at Koba Resources’ (ASX:KOB) Oban, both within 100km of Frome Downs.

And though prices have descended somewhat since clearing US$100 a pound back in January, experts like Shaw and Partners have said a lull in prices could provide a rare second chance to ride the nuclear bull.

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.