Koba Resources Expands Uranium Prospects at Yarramba Project
KOB (KOB) Share Update November 2024 Tuesday 12th
Koba Resources Identifies New Uranium Mineralisation at Yarramba
Koba Resources Limited (ASX:KOB) has announced promising results from its ongoing drilling program at the Yarramba Uranium Project in South Australia, identifying significant uranium mineralisation in two new areas.
Instant Summary:
- Significant uranium mineralisation found 700m east of Oban Deposit at Chivas Prospect.
- Anomalous uranium mineralisation intersected 350m east of Berber Prospect.
- Continued high-grade uranium results at Oban Deposit.
- Additional drilling planned at Chivas, Berber, and Mt John Prospects.
Exploration Success at Yarramba
Koba Resources has made significant strides in its exploration efforts at the Yarramba Uranium Project. Recent drilling has identified two new areas of uranium mineralisation, expanding the potential for resource growth beyond the existing Oban Deposit.
At the Chivas Prospect, located 700 meters east of the Oban Deposit, significant uranium mineralisation was intersected. The first two holes drilled in this area returned assays of 0.9 meters at 464ppm eU3O8, indicating strong potential for further discoveries.
Berber Prospect Developments
The Berber Prospect, situated 1.5 kilometers south of the Oban Deposit, also yielded promising results. Initial extensional drilling 350 meters east of the nearest drill hole intersected 0.3 meters at 216ppm eU3O8. This suggests that the mineralisation extends over a 700-meter strike length and remains open in all directions.
Continued Success at Oban Deposit
Drilling around the Oban Deposit continues to deliver high-grade uranium intersections. Recent results include 1.1 meters at 1,069ppm eU3O8 and 5.8 meters at 322ppm eU3O8, with some intervals showing even higher grades. These findings underscore the potential for expanding the resource base at Oban.
Future Exploration Plans
Koba plans to conduct additional drilling at the Chivas and Berber Prospects to further delineate the extent of the mineralisation. The company also intends to commence drilling at the Mt John Prospect, where 30 holes are initially planned to explore this highly prospective area.
The discovery of new mineralised zones at Yarramba is a positive development for Koba Resources, potentially increasing the project's resource base and enhancing its economic viability. The market may respond favorably to these results, reflecting optimism about the project's growth prospects.
Investor Reaction:
Analysts are likely to view these exploration results as a positive indicator of Koba's potential to expand its uranium resources. The identification of new mineralisation zones could attract increased investor interest and support for the company's exploration strategy.
Conclusion:
Investors should keep a close watch on Koba's ongoing drilling activities and future announcements. The company's ability to successfully expand its resource base at Yarramba will be crucial in driving long-term value and growth.