Australian Rare Earths Limited (ASX:AR3) Receives Regulatory Approval to Expand Overland Uranium Project
Regulatory Approvals
Australian Rare Earths Limited (ASX: AR3) has obtained Ministerial consent from the South Australian Government to acquire a 100% interest in the sedimentary-hosted uranium rights of EL6678. Additionally, the company received approval for its Exploration Program for Environment Protection and Rehabilitation (EPEPR) plan for EL6678, encompassing a combined area of approximately 1,388km².
Project Expansion
The approval enables AR3 to secure an additional ~1,000km² adjacent to its Overland Uranium Project. The company can earn 100% of Sheer Gold’s EL6678 by investing $200,000 in exploration on the tenement by September 2025.
Future Drilling Plans
Drilling is set to commence in February 2025 at prospective targets within EL6678. The next phase includes approximately 5,000 meters of air core drilling from late January through March 2025, focusing on high-priority targets identified through airborne radiometrics.
Executive Comments
Managing Director and CEO, Travis Beinke, stated, “We are pleased to report we’ve now obtained all the regulatory approvals required to commence drilling immediately within the expanded tenure at our Overland Uranium Project, a new frontier uranium region in South Australia. Having immediate land access to frontier exploration tenure is a strategic advantage of the ground secured by AR3. Drilling is underway, initially mapping out the newly defined palaeovalley further to the south within EL7001. This will be followed immediately with drilling the high-priority target area along the western margin, where an abundance of lignite horizons with associated anomalous downhole natural gamma readings has been mapped. Upon completion of drilling these targets on EL7001, the drill rig will move to EL6678 to test additional high-priority targets. The estimated investment in drilling is expected to satisfy the requirements under the Farm-In Agreement with Sheer Gold. With such a large, under-explored project area, the next phase of drilling will allow us to expand our understanding of the regional setting while also providing flexibility to following up high-priority targets.”
Motley Fool contributor Matt Burgess 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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