Southern Uranium has delineated 10 initial targets with exploration potential for iron oxide copper gold uranium (IOCGU) deposits of the Olympic Dam style. The Company also has substantial holdings over palaeochannels with potential for sandstone hosted roll front style uranium deposits.
Work will commence in South Australia next month to complete gravity definition of the Coc ky Swamp IOCGU target near Olympic Dam to evaluate the target for drill testing.
The highest priority IOCGU targets, the G1 and G2 gravity targets in the Southern Gawler Arc project near Kimba, will be prepared for diamond drill testing planned in June.
The other IOCGU targets will be further investigated with gravity and ground mapping to advance the prospects to drill testing later in 2007.
Drilling of the palaeochannels in the Challenger West Joint Venture project in South Australia will recommence immediately. Airborne Electromagnetic data from recent surveys at Yarlbrinda South and Warrior South will be compiled to refine the interpretation of prospective palaeochannels to enable the design of first pass drilling also later in the year.
SNU Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
