Australian Rare Earths Limited (ASX:AR3) Announces Shallow Uranium Discovery at Overland Project
Exploration Highlights
Australian Rare Earths Limited (ASX:AR3) has identified a 6-meter interval of carbonate-cemented sediments with anomalous gamma and pXRF uranium readings in drill hole OV047 at the Overland Uranium Project. This discovery suggests the potential for near-surface, calcrete-hosted mineralisation similar to uranium deposits mined in Namibia and Western Australia. Additionally, the drilling program has successfully defined the southern extension of a key palaeovalley, highlighting multiple uranium targets within the southern portion of EL7001 and extending into EL6678.
Next Steps
The company will resume its accelerated drilling program in the week beginning 10 March 2025 to follow up on the shallow uranium occurrence in hole OV047. Samples from OV047 are being prioritised for assay and mineralogical analysis to determine the extent and grade of the mineralisation. AR3 also plans to test high-priority targets on EL6678, aiming to explore deeper palaeochannel hosted, in-situ recoverable uranium deposits.
Executive Comments
Managing Director and CEO Travis Beinke stated, “The intersection of a shallow uranium occurrence in OV047 is a significant step forward in our exploration program at Overland. The identification of shallow mineralisation, coupled with the confirmation of the palaeochallengey’s southern extension, underscores and reinforces the potential of this project. Our systematic approach to exploration and targeted drilling continues to deliver results. We are excited to accelerate our follow-up drilling to further delineate the extent of this new uranium occurrence and test the numerous high-priority targets we have identified. We look forward to reporting further results as we continue our drilling program through to the end of April.”
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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