Adavale Resources (ASX:ADD) granted to advance SA uranium
Adavale Resources has received a key exploration licence and a hefty share price bump now that it has unlocked progression over high priority uranium targets across large scale landholdings in South Australia.
The newly granted 591 square kilometres at Mundowdna South includes a large recognisable alluvial outwash system shedding from the central northern part of the Flinders Ranges and builds up license holdings which now total 1669 square kilometres in one of the world’s most prospective regions in the world for uranium discovery.
Adavale Executive Director David Riekie said the new license significantly expanded its ground holding in a highly prospective province.
“A thorough interrogation of the comprehensive publicly accessible dataset available, has assisted Adavale to identify interpreted paleochannel systems and refine priority targets within its tenure,” Mr Riekie said.
“The outwash and paleochannel systems shedding from the Flinders Ranges appear to be the most prospective for uranium. On this basis, Adavale is confident to progress its exploration plans.”
Those paleochannels are already host to several world class deposits in the area, and Adavale will now be looking to claim one of their own.
The Perth-based explorer will now refine and rank priority targets from survey data while finalising its exploration programs and heritage clearances.
Overview of interpreted Palaeodrainage and paleochannels at surface with modern drainage overprinting
sections of the outwash fans
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