ASX-listed explorer Adavale Resources (ASX:ADD) is gearing up to commence exploration drilling for uranium in south Australia as the nuclear fuel feedstock prices stay attractively high (despite intrayear losses).
Drilling and survey contracts are being finalised for the company’s Marree Embayment which envelopes 100% interests acquired by Adavale in a licence area from Kilonova Metals.
Relatively low-cost aircore drilling is being used in the first 3,000m drill run seeking extensions at two key prospect targets of interest. While historical drilling data is available, historical assays are based on very short drill core intercept widths.
Company Executive Director David Riekie was the first to note this shortcoming (in typical ASX corpspeak.)
“While the historical drilling outlined the general uranium prospectivity, our current program of up to 40 holes is anticipated to trace, extend and test the uranium redox boundaries that were previously intersected,” Riekie said.
“This current drilling program will include both infill drilling (200m x 100m), designed to confirm and extend the previous uranium mineralisation as well as some broader spaced (800m x 400m) drilling anticipated to generate new target areas.”
The company’s pivot to uranium is understandable – it’s other main project is a nickel play in Tanzania.
ADD last traded at 0.4cps.