Antares Metals (ASX: AM5) is preparing to further evaluate the uranium potential of its Queens Gift area near Mt Isa in Queensland after receiving positive results from a new sampling program.
The company has told shareholders it is buoyed by the results of the program and field observation across the Mt Isa North copper and uranium project area, including the recent Queens Gift work.
The latest rock chip samples collected and dispatched for assay from Queens Gift are part of a prospectivity analysis, ranking and exploration activities that continue across the Mt Isa North project.
The reconnaissance and sampling of the resource area aims to confirm the nature and grades of the JORC-2004 compliant uranium resource from 2011 and also evaluate the copper potential of the region.
Antares is now planning to undertake further “ground truthing” at Queens Gift and other prospective areas, and is considering upgrading the existing mineral resource estimate.
The Queens Gift uranium deposit is an advanced uranium prospect located approximately 77 km north-north-west of Mt Isa, originally discovered by Queensland Mines in 1969.
Deep Yellow (ASX: DYL) completed a substantial amount of work at the site between 2006 and 2011.
Chief executive officer Johan Lambrechts said the company’s observations from the latest activities provide it with further confidence in continued exploration of the project area for both economic uranium and copper mineralisation.
“Our geologists continue to actively and systematically explore our tenement holdings, and we are very encouraged by the mineralisation encountered so far,” he said.
“The sampling and reconnaissance activities conducted at the Queens Gift resource shows that it contains zones of copper mineralisation along with the uranium previously identified and we are excited to continue evaluating and exploring this prospect.”
“We consider the Mt Isa North copper and uranium project to host multiple advanced prospects with confirmed mineralisation including the Queens Gift uranium prospect, allowing us to rank and refine our exploration activities moving forward.”
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