Southern Uranium (ASX code: SNU) is committed to discovering and developing economic uranium resources in Australia.
The opportunity is to discover quality uranium deposits that will compete for the anticipated shortfall in uranium supply as more countries expand or develop nuclear power as a clean, safe and secure source of electricity.
Australia is particularly attractive for new discoveries as it offers a strong uranium pedigree and has covered extensions to world class belts. These have been warehoused by the lack of uranium exploration since the early 1980’s. Since then new exploration technologies have been developed and are being applied to improve targeting through the cover.
Since listing on the ASX in 2007, Southern Uranium has built a small but experienced exploration team and a portfolio of highly prospective exploration projects throughout Australia. During 2008 and early 2009, aerial and ground surveys defined and evaluated targets, enabling the prioritisation of projects.
Three key projects were selected for drilling in the second half of 2009 with the added benefit of an operating environment offering improved drill availability and cheaper costs:-
East Eyre Peninsula, South Australia
East Eyre Peninsula is a readily accessible part of the Gawler Craton but still a geological frontier. Thin cover has hindered past explorers but the region has emerging potential for multi-metal uranium deposits that formed in the same geological event as Olympic Dam.
Southern Uranium is applying a step change approach of modern soil geochemistry integrated with geophysics. The latter has been used to thoroughly revise the geological framework for the region, enabling better prediction of mineral positions. Shallow drill targets are being defined from the large proprietary geochemical dataset. Initial 2008 drilling of two targets confirmed the tactical approach for more than 30 targets developed so far. Over 8,000m of aircore drilling are planned in 2009.
Calvert Hills, Northern Territory
The project area is situated over the regional covered extensions to the Westmoreland uranium field. Our new magnetic/radiometric and airborne electromagnetic surveys mapped the prospective elements of the Westmoreland geology beneath the cover. Unconformity style uranium targets were selected from the new data for percussion and diamond drill testing under collaborative government funding.
Pandanus West, North Queensland
The tenement covers volcanic geology that is prospective for Ben Lomond style deposits. Exploration prior to the early 1980’s discovered uranium with a reported best intersection of 10m @ 0.5% U3O8. Mapping for undrilled extensions has been completed with percussion drilling planned for later in calendar 2009. | |
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| | Portfolio - well-positioned uranium exploration projects in world-class uranium provinces.
Targets - Advanced drill targets developed with state-of-the-art concepts and technologies.
Strength - Cash resources of A$6.17 million (as at 31 March 2009) to advance its expanding exploration endeavours. Supportive cornerstone investors and shareholders.
Expertise – uranium-focused exploration team with deep knowledge of Iron Oxide, Copper, Gold and Uranium (IOCGU) and related deposits. | |
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Southern Uranium on ASX  | |
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