Australian Rare Earths Limited (ASX: AR3) Progress Update on Overland Uranium Project
Drilling Highlights
Australian Rare Earths Limited (ASX: AR3) has reported significant developments at its Overland Uranium Project in South Australia. The company completed 3,271 metres of drilling in 2024, encompassing 25 Air Core drill holes throughout the newly defined uranium region. This drilling has identified a palaeovalley setting conducive to uranium mineralisation within the Murray and Renmark Group sediments.
Palaeovalley and Anomalous Gamma Findings
The drilling work has defined a north/south trending palaeovalley, crucial for the accumulation of sedimentary-hosted uranium deposits. An extensive zone of lignite horizons with anomalous gamma readings has been observed, marking areas of high potential for uranium mineralisation. The project area has now expanded to approximately 4,000 square kilometres following the recent Farm-In Agreement for additional sedimentary-hosted uranium rights.
Future Development Plans
In collaboration with CSIRO, AR3 is underway with a geophysics review using historical data to enhance the accuracy of future drilling targets. The next phase of drilling is set to recommence later this month, mapping the new palaeovalley and targeting previously identified zones along its western margin.
CEO’s Notes
Travis Beinke, Managing Director and CEO of AR3, expressed optimism regarding the project’s potential. He stated, “Our inaugural drilling program at Overland has provided us with confidence in our geological model… We anticipate an active tempo of AR3 progress updates as our uranium drilling program unfolds.”
This progress reaffirms AR3’s commitment to exploring its extensive reclamation potential in one of the most promising uranium regions in Australia.
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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