JOHANNESBURG (miningweekly.com) – Gold, copper and uranium explorer Adelaide Resources has entered into a joint-venture (JV) agreement with Southern Uranium to explore for uranium on the eastern Eyre Peninsula, in South Australia.

Adelaide Resources would enter the JV through its wholly owned subsidiary, Eyre Energy, which would hold a 60% interest in the JV, while Southern Uranium would hold the remaining 40% stake.

Southern Uranium could increase its equity to 60% by spending A$250 000 over a two year period. Once the company has earned a 60% stake, each party could contribute to ongoing expenditure in accordance with its equity stake.

Under the JV agreement, Southern Uranium also had the option to withdraw from the JV prior to spending the A$250 000, as long as it met the minimum statutory expenditure requirements.

Adelaide Resources said in a statement on Thursday that the JV tenements occurred on the Gawler Craton, a large geological block that hosts substantial bedrock uranium mineralisation, including the gain Olympic Dam copper/uranium/gold deposit.

The JV was planning an initial programme of blanket multi-element soil geochemistry, complemented by gravity surveys. Exploration of the tenements would start on a granted exploration license, and progress to those areas where exploration licenses have not yet been granted.

Exploration activities would start shortly.

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