JOHANNESBURG (miningweekly.com) – The Four Mile Northeast uranium prospect, in South Australia, has an estimated inferred mineral resource of 7.5-million tonnes, averaging 0.30% uranium oxide (U3O8), containing 50-million pounds of U3O8, Alliance Resources reported on Friday.
The remaining exploration potential at the prospect, expressed as an exploration target estimate, was four-million tonnes to seven-million tonnes, averaging 0.25% to 30% U3O8.
Alliance pointed out that the potential quantity and grade of the exploration target was conceptual in nature and that there had been insufficient exploration to estimate a mineral resource.
Alliance’s subsidiary, Alliance Craton Explorer, owns the prospect in a venture with majority owner and manager of the project, Quasar Resources.