Power Minerals has obtained a new exploration licence, helping the company broaden its uranium exploration endeavours at the Eyre Peninsula Project in South Australia.
The development is set to augment the uranium prospectivity of the company's holdings in the region.
The company recently unveiled plans to investigate the uranium potential of its Eyre Peninsula assets.
This decision came after geochemical pXRF analyses of drilling samples from the project indicated potential anomalous concentrations of uranium.
In alignment with its uranium exploration strategy, Power Minerals has been awarded the Whichelby licence (EL6961).
The licence is situated next to the company’s existing Cungena licence (EL6681) and encompasses a significant part of the palaeo-drainage system that extends westward towards the coastline from the Yaninee palaeo-drainage divide.
The Yaninee palaeo-drainage is known for the Yaninee uranium occurrence, which Minotaur Exploration previously explored through drilling.
However, the palaeo-valley within EL6961 has not been subjected to extensive drilling.
In the past, CRA Exploration, now operating as Rio Tinto, conducted exploration in some parts of this area for uranium, completing 24 wide-spaced rotary mud drill holes between 1980 and 1981.
Power Minerals is planning to employ modern aircore drilling techniques alongside advanced Vanta pXRF analysis to acquire real-time, on-site uranium values and other metals during its inaugural drilling at EL6961.
Additionally, the company aims to map different organic facies to better target uranium prospectivity and identify the stratigraphic intervals with the highest potential for uranium reductants.
Drilling approval has already been secured for EL6681, and Power Minerals is now in the process of seeking the necessary approvals for drilling within the new licence area from South Australia's Department of Energy and Mining (DEM).
The company anticipates commencing first-pass drilling in the second quarter of 2024, contingent upon receiving the requisite approvals.
Power Minerals managing director Mena Habib said: “South Australia is very proactive in uranium exploration and mining, as demonstrated via the multiple uranium mines and projects in development within the state.
“While we continue to develop the Salta Lithium Project in Argentina as our flagship project, the company is keen to further explore the uranium potential of its Eyre Peninsula project area, and the strategic addition of the Whichelby licence substantially expands our contiguous uranium prospective ground position.
“We aim to uncover the uranium potential of our project area, which would add significant value to the project, at a time when demand for uranium continues to grow and there is appetite to bring new projects to market.”
