Australian Rare Earths (AR3) has completed the acquisition of Valrico Resources, the holder of the rights to the Overland Uranium Project in South Australia.

This move grants AR3 full interest in EL 7001 and EL 7003, alongside the recently granted EL 7005, collectively forming the Overland Uranium Project, covering an area of approximately 3,000km².

The related option deal was signed in April 2024.

Exploration within the project area will focus on the paleochannel sediments of the Renmark Group, which are geologically similar to those hosting Boss Energy's uranium operations.

A comprehensive prospectivity analysis has identified several high-potential targets for uranium exploration within the Overland Uranium Project in South Australia.

The company is currently finalising the initial drill campaign's target generation and planning.

An exploration programme for environment protection and rehabilitation (EPEPR) has been submitted to the South Australian Department of Energy and Mining.

The initial EPEPR, covering a portion of the exploration licences (ELs), aims to provide access to high-potential drill targets and enable a phased exploration strategy.

AR3 anticipates receiving all relevant approvals to commence drilling in the December 2024 quarter.

In addition, AR3 is working towards obtaining approvals for the remaining ELs to access further high-potential drilling targets for subsequent exploration programmes planned for 2025.

AR3 managing director and CEO Travis Beinke said: “We are delighted to complete this significant step in expanding and diversifying our exploration portfolio. We have added nearly ~3,000km² of highly prospective tenure in South Australia’s Murray Basin, a commanding position in a frontier uranium play.

“Our focus is on the area that will grant us the earliest land access across our extensive tenure position. We anticipate this will allow us to drill test some of our high-potential uranium targets this year.”