That just about sums it up no news on the drillingRIL are saying...

That just about sums it up no news on the drilling
RIL are saying that There deposit was described as the third bigest uranium mine
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Reliance Australia Pty — a fully-owned subsidiary of RIL — formed a joint venture with UXA in 2007 in which it held a 49 per cent stake.

Under the terms of a farm-in agreement signed in December 2007, RIL Australia paid Aus$ 3.45 million in exchange for a 49 per cent participating interest in four of UXA’s exploration licences in South Australia and four in the Northern Territory.

RIL Australia was obligated to contribute 49 per cent of all future exploration expenditures in these tenements.

The most promising of these was Nabarlek in Australia’s mineral-rich Northern Territory which was touted as UXA’s most advanced uranium prospect that covered 221 square km.

In early September, the joint venture started a 30-hole 3,000 metre percussion drilling programme at Nabarlek North. The drilling programme was supposed to focus on three target areas and was to be completed by the end of September after which the results would be analysed.

“Drilling at Nabarlek is the company’s current exploration focus and the results will be announced in the coming weeks,” UXA said in its October 15 filing.

When RIL signed the deal with UXA, Nabarlek was described as the world’s third largest uranium mine. The mineral ore content was estimated at around 104.68 million tonnes and recoverable uranium or uranium oxide from these ores was expected to range up to 3,36,000 tonnes.

A drilling programme in 2011 along the south east corner of the Nabarlek North tenement yielded “anomalous results”.

The three new target areas were picked after a radon sampling and soil geochemical programme spanning the south and south-eastern sectors. UXA has been betting on the uranium prospect in the area because it is just 280 metres north of a big uranium strike by rival Uranium Equities. The ASOF action has, however, come as a huge setback for UXA and injects an element of uncertainty over its entire uranium exploration programme. Under the terms of arrangement, RIL provides only 49 per cent of the exploration costs.

It is not known if UXA is seeking any financial help from cash-rich Reliance Industries to tide over the crisis.


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