Riversgold Ltd (ASX:RGL) has completed the strategic acquisition of two new 'highly prospective' uranium tenements in Western Australia, namely the Menzies East Project and the Onslow South Project.
Spanning 52 square kilometres, the Menzies East Project has demonstrated impressive uranium grades, with trenching activities revealing concentrations as high as 5,420 parts per million (ppm) U3O8, and auger drilling results indicating grades reaching up to 800 metres U3O8, underscoring the project's significant potential for uranium extraction.
Also in a strategic location, Onslow South, encompassing 324 square kilometres, abuts the northern boundary of Cauldron Energy's Yanrey Uranium Project, which includes the 30.9 million pounds Bennet Well uranium deposit and is also 20 kilometres north of Paladin's 25.9 million pounds uranium deposit, further enhancing its strategic value.
Both projects have historical data on the Geological Survey of Western Australia’s MINEDEX Database and have been acquired through direct pegging.
Riversgold executive chairman David Lenigas said: “With the uranium price recently hitting 15-year highs at over US$100 a pound, we are excited about these projects joining the RGL tenement portfolio.”
Menzies East Project
The Menzies East Project (E29/1260) is about 20 kilometres east of Menzies.
Two occurrences of uranium have historically been reported on the tenement application with 1970s trench sampling assaying up to 5,430ppm U3O8 and auger drilling results up to 800ppm U3O8.
Menzies East Uranium Project and location of historical sample locations.
Onslow South Project
Onslow South Project (E08/3682) is approximately 40 kilometres south of Onslow.
The tenement under application is considered highly prospective for uranium as it abuts the northern boundary of Cauldron Energy's Yanrey Uranium Project, which contains a mineral resource estimate at Bennet Well containing 30.9 million pounds.
Onslow South is also 20 kilometres north-northeast of Paladin Energy's Manyingee uranium deposit, which contains an indicated mineral resource of 15.7 million pounds of U3O8 grading 850ppm and an inferred mineral resource of 10.2 million pounds grading 850ppm at a cut-off grade of 250ppm U3O8.
The project sits only 1.5 kilometres from a Minedex-reported uranium occurrence which returned 0.5 metres in a 1980 drill hole at 174 metres depth grading 550ppm U3O8.
Onslow South Uranium Project and location of nearby uranium projects.