Australian Rare Earths (ASX:AR3) has confirmed significant uranium mineralisation close to the surface at its Overland project in South Australia, with assays now revealing grades beyond 100 parts per million.
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The explorer’s assay results are taken from chemical assaying of a previously drilled hole, OV047, which featured shallow, calcrete-hosted uranium.
Intercepts included two metres at 92ppm U3O8 (triuranium octoxide) from 26m, including one metre at 103ppm U3O8 from 27m; plus one metre at 82ppm U3O8 from 26m; and one metre at 72ppm U3O8 from 31m.
“These results from the first hole where the occurrence of shallow calcrete-hosted uranium was discovered underscore the significant potential of the Overland project,” managing director and CEO Travis Beinke said.
He continued: “The search for both shallow calcrete-hosted uranium, and sedimentary hosted, ISR amenable targets, continues in this frontier uranium play.”
Down-hole gamma responses and in-field pXRF measurements for contained uranium had already been taken for OV047 in the lead-up to drilling.
These Week 14 results confirm the validity of the measurements for AR3.
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The explorer has surmised these results indicate the potential for a widespread continuation of calcrete-hosted uranium mineralisation at the project.
AR3 has been trading at 7.5 cents.
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