Quite a lot has been reported on UXA's JV with RIL Australia Ltd., since Uranium Equities Ltd reported to Uranium finds at their Nabarlek JV last October. They also found some Gold, Copper, Paladium and Platinum. This find is only about 160 metres from UXA's JV tenement.
Reliance have remained quiet on these JV tenements. It is known they may not have that much confidence in a mine being found of sufficient size to justify a company of their size remaining with the JV.
The previous Nabarlek mine found a concentrated ore body that was all mined in just 143 days in 1979 and the operation continued for 9 years until 1989.
It is hoped that the uranium found by Uranium Equities continues into the UXA JV area at Nabarlek in the North West. There has been no drilling in the area so far and results etc., are a long way off.
Not that much interest recently as markets are depressed and a future mine could be 7 - 10 years away.
UXA Price at posting:
2.4¢ Sentiment: Hold Disclosure: Held
