Argonaut Resources NL (ASX:ARE)

ALERT: Price-sensitive ASX Announcement for ARE

Current share price for ARE : $0.090 -0.038 (-29.41%)⁺

Announcement

Induced Polarisation Survey at the Erudina Uranium Prospect

Release

22 Jan 2024 9:42AM

Price at Release

$0.128

Full Release

Summary

Argonaut Resources NL, soon to be renamed Orpheus Uranium Limited, has initiated a trial Induced Polarisation (IP) Orientation Survey at the Erudina Uranium Prospect within the Frome Project in South Australia. This survey, consisting of 42 pole-dipole stations across 4 km, aims to identify pyrite associated with uranium mineralisation in the Lower Eyre Formation. Targeting historic drill hole ER0048, the survey seeks to confirm the presence of sedimentary-hosted pyrite. Results are expected by January 2024 and may lead to a more detailed IP Survey, preparing for future drilling activities. This initiative is part of Argonaut's strategic focus on exploring its uranium assets in highly prospective regions.

Key Points

Argonaut Resources NL has commenced an Induced Polarisation (IP) Orientation Survey at the Erudina Uranium Prospect.
The survey aims to identify sedimentary-hosted disseminated pyrite associated with uranium mineralisation in the Lower Eyre Formation.
A total of 42 pole-dipole stations are planned, covering 4 line-km, positioned at 100m intervals.
The survey targets historic drill hole ER0048 with a combined thickness averaging 272 ppm U3O8.
Results from the trial survey are expected by the end of January 2024.
A detailed IP Survey may follow based on the trial results, leading to preparation for drilling in the Exploration Target Zone.
The Frome Project covers significant exploration licences in the Frome Embayment, a highly prospective region for uranium deposits in South Australia.
The orientation survey is a precursor to potential drilling campaigns targeting uranium mineralisation.

IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.