ARH ripping along
ARH is getting press coverage every few days nowadays. Looks like the stock might take off on a speculative blowoff..
AUSTRALASIAN Resources has expanded its exploration portfolio, adding hot commodity uranium into the mix following the approval of its first uranium tenements, and expectations are high that a second tenement is likely to be granted soon.
|Australasian's new uranium tenements in Western Australia's Pilbara region|
Known as Copper Bore Well, the first granted uranium exploration licence application is in Western Australia and cover some 10,130 hectares, which are prospective for uranium, copper and silver.
According to Australasian, the street credibility of the area comes from its location, which is 100km east of Paladin Resources' Manyingee uranium deposit, which has an inferred resource of 12,000 tonnes of uranium oxide at a grade of 0.08%.
Copper Bore Well was previously explored by Esso in the late 1970s, which conducted some shallow air track drilling in the area and returned hits including 2m at 1.43% copper, 4.5 grams per tonne silver and 62 parts per million uranium, and 3m at 2.5% copper, 9.3gpt silver and 120ppm uranium.
Meanwhile, Australasian expects that its second uranium exploration licence application covering the Mt Salt prospect will be granted to the company next month.
If granted, the exploration lease over Mt Salt will cover some 15,971ha and is immediately west of the company's flagship iron ore project, Balmoral South.
"Given the size of the Mt Salt radiometric anomaly, there is an excellent possibility that the postulated buried uranium mineralisation is a very large resource and of significant grade," the WA Mines Department said as reported by Australasian.
Australasian shares resumed trading on the Australian Securities Exchange early last week following a four-month hiatus.
Shares in the company closed up 3.5c at $1.66 yesterday on the back of the news and were steady in trading this morning.