Spent close to an hour reading through CXU's announcements trying to get an understanding of what ADD has acquired:
CXU only had the area North of the producing U mines, and a much bigger area than what ADD has acquired. Within that larger area sits ADD's acquisition. CXU called it the 'Blanchewater Prospect' within the 'Marree JV Prospect':
CXU had a JV with the Korean Government (KORES), Daewoo International Corporation and LG International Corporation. The Koreans can earn up to 50% interest in the Marree Project by funding AUD$6.2M of exploration activities over three years commencing in mid-2009
A lot of drilling was conducted across late 2009, 2010, 2011 and some of 2012, including across the 'Blanchewater Prospect'. Probably looking at 18kms+ of drilling across the 'Marree JV Prospect', including 5kms+ across the 'Blanchewater Prospect'
Some snippets below from different CXU announcements:
From late 2012 CXU seemed to lose interest in the U and started to focus on base metals within the 'Marree JV Prospect'
In 2016, CXU was still persevering with the base metals but made the below statement regarding U in a presentation:
Nothing much happened after that as I guess nothing of value/substance was seen
Some of what I have posted above is repeated in ADD's announcement today
Seeing as ADD is focused on this area, especially MacDonnell Creek and George Creek, ADD is hoping CXU missed something. From the results CXU has published, yes they are shallow hits but they are low grade and crap all thickness. Will going deeper provide better results ... who knows
Overall I am not expecting much from the area. Happy to be proven wrong
Hopefully the other areas have better success for U
(20min delay)