Quasar Resources managing director Geoff McConachy said last...

Quasar Resources managing director Geoff McConachy said last night that a formal announcement would be made today by the company's joint venture partner, Alliance Resources. A private SA company, Quasar conducted an extensive drilling campaign last year and worked on better defining the mineralogy and metallurgical characteristics of the find.

An exploration arm of Heathgate, which owns and operates the Beverley Uranium Mine, Quasar has during the past two years continued to have "highly encouraging results" from its drilling exploration work east of the Northern Flinders Ranges in an area five to 10km west of the Beverley Uranium Mine. Mr McConachy said an initial discovery was made in March, 2005, and the results of ongoing work had been encouraging.

"It has the potential to be the best discovery of uranium in 25 years, but we'll wait and see," Mr McConachy said.

"The significance of the find has been gradually evolving. We're still working there."

Alliance is confident, with a belief the deposit could rival known uranium deposits such as Honeymoon and Gould's Dam.