URANIUM RESOURCES LTD - ASX: UXA

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Description

UXA Resources Limited (ASX:UXA) is a publicly listed active base metal and uranium explorer in Australia and owner of the independently managed borehole wireline logging company, Geoscience Associates Australia Pty Ltd (GAA), provider of the unique Prompt Fission Neutron (PFN) device, a sophisticated tool for directly measuring uranium in boreholes.

Northern Territory

The Company is actively exploring for uranium at Nabarlek in Arnhem Land and for uranium and REE at Yambla/Harts Range close to Alice Springs. The Nabarlek project is part of the Joint Venture with Reliance Industries.

Yambla/Harts Range Project

UXA Resources Limited has signed an exploration agreement with Cullen Resources Ltd covering the Yambla Project, a granted exploration licence EL26142. Uranium was discovered at Yambla by PNC Exploration in 1992, which drilled a number of holes to test radiometric anomalies and outcropping uraninite-rich veins within the amphibolite rock. A number of other styles of uranium mineralisation occur in the area and may constitute potential for an "unconformity" type deposit. UXA also has three granted exploration licences spanning a 110km2 area immediately surrounding the Yambla project ("Harts Range"), covering areas of similar geology and uranium prospectively. Initial field work by UXA, including rock chip sampling and stream sediment sampling, has highlighted potential for heavy rare earth elements (HREE) associated with pegmatite dykes.

Arnhem Land Projects

Ahrnem UXA Resources Limited currently holds three granted exploration licences (Nabarlek North (EL 24868) and Nabarlek West (EL 24564 and EL28245)) and two exploration licence applications (Rum Jungle NE (ELA 24586), Katherine North (ELA 24577)), in the Arnhem Land region of Northern Territory. These areas are prospective for unconformity style uranium deposits such as the operating Ranger uranium mine, one of the world’s largest uranium mines. Of these exploration licences, the three Nabarlek licences and the Rum Jungle application are part of the joint venture with RIL Australia Pty Ltd (RILA), a subsidiary of Reliance Industries Limited, the largest private sector company in India, who are entitled to hold a 49% interest in the tenements. An exploration agreement has been reached with the Northern Lands Council on behalf of the Traditional Owners, for the Nabarlek leases. Exploration on the Nabarlek licences commenced in late 2010 with the flying of airborne geophysical surveys and reconnaissance field work.

Murphy Inlier / Westmorland Region

The Pandanus West (ELA 24565) (UXA 51%, RIL Australia Pty Ltd 49%), licence application lies near the Queensland border in the same geological terrain as the Westmorland uranium deposit. Pandanus West is prospective for unconformity related or shallow sandstone type uranium mineralisation in an area of strong airborne radiometric anomalism. UXA Resources Limited has received the consent of the Traditional Owners concerning Pandanus West and is expecting the licence to be granted in time for the start of the 2011 field season.

South Australia

Stuart Shelf, Straits Joint Venture On the Stuart Shelf the Company holds nine granted exploration licences totalling 3314 km2 of ground prospective for iron oxide copper gold (IOCG) deposits (Olympic Dam and Prominent Hill Cu, Au (U) mines are examples of this type of deposit). South Australia The licences are subject to a joint venture agreement with Straits Resources Ltd signed in September 2010. Straits have the right to earn a 70% interest in the tenements by spending $10 million on exploration over 7 years.

Western Australia

In the Canning Basin, Western Australia the Company has assembled a group of 5 exploration licences and applications covering two large airborne radiometric anomalies situated around 120km South East of Derby and close to a sealed highway. Western Australia In the Canning Basin, Western Australia the Company has assembled a group of 5 exploration licences and applications covering two large airborne radiometric anomalies situated around 120km South East of Derby and close to a sealed highway. The project comprises of an agreement with Rey Resources Ltd. Concerning the uranium rights on two granted exploration licences covering part of the Myroodah uranium prospect, an agreement with Paul Askins covering two exploration licence applications over the Mudjalla uranium anomaly, and the Myroodah West Licence application held 100% by UXA.

Previous exploration for uranium, conducted more than 20 years ago, shows that the airborne uranium anomalies represent sandstone hosted uranium in Triassic and Jurassic age – flat lying sandstone units. As such there may be potential to prove up a sandstone hosted uranium exploration for this style of uranium mineralization where disequilibrium is often present.

Mine For

zinc, lead, silver, copper, gold, iron, uranium

Location of operation(s)

South Australia, Northern Territory, Western Australia, New South Wales

Address

43a Fullarton Rd
KENT TOWN, SA, AUSTRALIA

Phone

(08) 8363 7970

Email

Website

http://www.uxa.com.au/

Last Updated

17/5/2011