PERTH (miningweekly.com) – Uranium explorer Southern Uranium has expanded its exploration area in South Australia, by entering into a joint venture (JV) agreement for the majority interest in an exploration licence near the Ridgeback project area.

Under the agreement, Southern Uranium would pay the licence holder, Destiny Stone Australia, A$15 000 for an 85% legal and beneficial interest in all minerals, except dimension stone and industrial minerals, which would remain wholly owned by Destiny Stone.

Southern Uranium would manage the exploration on behalf of the JV partners, while Destiny Stone would be free carried for its 15% interest in all minerals, until a decision to mine was made on the completion of a bankable feasibility study.

“This JV enables Southern Uranium to extend its exploration for iron oxide, copper, gold and uranium deposits from our high-priority Ridgeback project to other prospective areas adjoining the historic Moonta mining field,” said Southern Uranium MD John Anderson.

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