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Adavale acquires Australia uranium exploration licence

Published by , Editorial Assistant
Global Mining Review,

Adavale Resources Limited has announced that it has completed the acquisition of 100% interest in Exploration Licence 6553 from Kilonova Metals Pty Ltd, located in South Australia.

The Exploration Licence is a strategically significant tenement, comprising two areas located adjacent to and east of both the company’s existing Mundowdna South and Lake Surprise project areas, respectively.

Adavale’s Executive Director, David Riekie commented: “The completion of the acquisition provides a pathway for Adavale to discover an economic uranium deposit following historical results achieved at the MacDonnell Creek and George Creek prospects. EL6553 has demonstrated palaeochannels containing ample evidence of elevated uranium occurrences. We also believe other parts of the defined palaeochannel remain underexplored as the initial exploration of the area was abruptly halted following the fall in the uranium price during 2011. We can now capitalise on this earlier exploration and follow up on these clearly defined targets.

“The exploration programme for our uranium prospects is currently being finalised, which will include a drilling programme of up to 40 holes. I look forward to sharing the details of this exploration programme in the coming days.”

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Australian mining news