warrior uranium deposit

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Warrior Uranium Deposit

Preliminary data compilation by Minotaur Exploration on EL 3040 (Joint Venture with Range River, ASX announcement 14 July 2005) indicates that the southern part of the Warrior Uranium Deposit lies within the EL. The Warrior Deposit, which was outlined in the early 1980s, is the third largest Tertiary uranium deposit in South Australia, after Beverley and Honeymoon.

It lies on the eastern side of a north-south trending Tertiary Palaeochannel and is described as occurring in seven discrete zones (A,B,C,D,E,F and G/H) along a 12 kilometre section of the palaeochannel. PIRSA Open File Envelope 03510 reports an indicated reserve containing 4,000 tonnes of U3O8 at 0.034% U3O8. At least 2 kilometres of the southern portion of this mineralised section of palaeochannel, including part of the G and all the H zone, lie within EL 3040.

Previous drilling to the south-east failed to extend the deposit in that direction, however, the latest satellite imagery suggests the palaeochannel continues to the south, within EL 3040, in an area that has not been drill tested.

The Company will be utilising this imagery to plan a program of shallow drilling to test for extensions to the deposit, and to investigate the extensive palaeochannel systems located on the Company’s tenements in the vicinity. The drilling program is expected to be completed in the next two months.
Under the terms of the joint venture with Range River, Minotaur can earn 75% equity in three tenements through the expenditure of $2 million on exploration over a period of 5 years, with a minimum expenditure of $300,000 in the first year.