AR3 Prepares for Inaugural Drilling at Overland Uranium Project with New EPEPR Approval
AUSTRALIAN RARE EARTHS LIMITED (AR3) Share Update September 2024 Tuesday 24th
AR3 Receives Approval for Second EPEPR at Overland Uranium Project
Australian Rare Earths Limited (ASX:AR3) has announced the approval of its second Exploration Program for Environment Protection and Rehabilitation (EPEPR) at the Overland Uranium Project, marking a significant step forward in its exploration efforts.
Instant Summary:
- Second EPEPR approval received for the southern tenure at Overland Uranium Project.
- Drill contractor and rig secured for mid-October start.
- First drilling program to cover approximately 5,000 meters of Aircore drilling.
- High-priority uranium targets identified for initial drilling.
- Early access to high-priority targets across a substantial ~3,000km² project area.
Approval and Preparation
Australian Rare Earths Limited (AR3) has received approval for its second Exploration Program for Environment Protection and Rehabilitation (EPEPR) application for the southern extension of the Overland Uranium Project. This approval allows AR3 to include additional high-priority targets in its inaugural drill campaign.
The company has secured a works contract with Wallis Drilling Pty Ltd and a drill rig, which will mobilize to the site in mid-October. Drilling is scheduled to start immediately thereafter and will continue until December 2024. The first phase will consist of approximately 5,000 meters of Aircore drilling targeting high-priority uranium targets within Exploration Licenses (ELs) 7001 and 7003.
Drilling Program Details
The targets for the drilling program were identified through preliminary prospectivity studies and historical drilling data. The Overland Uranium Project spans over 3,000km² and is situated in a region with strong potential for In-Situ Recovery (ISR) amenable, sedimentary-hosted uranium deposits. AR3 believes the paleochannel sediments of the Renmark Group, which are geologically analogous to those hosting Boss Energy’s successful uranium operations, offer significant potential for uranium discovery.
Strategic Importance
AR3 Managing Director and CEO, Travis Beinke, expressed optimism about the approval, stating, 'This additional EPER approval, ahead of schedule, is a most timely and welcome step forward in our exploration efforts at Overland, allowing us to access more of our high-priority targets during our inaugural drill program.'
With multiple high-priority targets across a significant 3,000km² project area, AR3 is eager to start drilling and uncover the potential of this frontier uranium play. The company aims to update shareholders and investors on their exploration efforts during the December 2024 quarter.
Future Prospects
AR3 is approaching regulatory and land access approvals across the significant project area on a phased basis, prioritizing access to high-potential targets that can be accessed quickly. This strategy allows for extended time to gain the necessary land access approvals for areas requiring a longer process.
The Overland Uranium Project represents a significant opportunity for AR3 to expand its energy transition metals portfolio and contribute to the growing demand for uranium as a clean energy source.
The approval of the second EPEPR is a positive development for AR3, enabling the company to expedite its exploration efforts and potentially discover significant uranium deposits. This could positively impact AR3's stock as investors anticipate successful drilling results and increased project value.
Investor Reaction:
Analysts are likely to view this announcement favorably, given the strategic importance of early access to high-priority targets and the potential for significant uranium discoveries. However, investor reaction will depend on the actual results of the drilling program and subsequent updates from the company.
Conclusion:
Investors should keep an eye on AR3's progress as the company begins its inaugural drilling program at the Overland Uranium Project. The successful execution of this program could lead to significant discoveries and increased stock value. Stay tuned for updates during the December 2024 quarter.