Koba Resources Acquires High-Grade Uranium Project in Premier Canadian Region

Koba Resources Ltd (ASX: KOB) has enhanced its uranium portfolio through the low-cost acquisition of the Harrier Uranium Project in eastern Canada.

The company has entered an agreement that provides the right to acquire a 100% interest in the project covering 131 square kilometres.

Rock chip samples have delivered exceptionally high results of over 5% uranium at two prospects, with above 1% uranium sampled at another seven prospects.

There is considerable potential to discover very high-grade uranium deposits within this project area.

Adding further interest only very minimal exploration has been conducted since 2012.

Koba will move quickly commencing field work in June 2024 to prepare for its inaugural drilling campaign.

Known uranium district

Harrier is located within a heavily under-explored world-class uranium district that hosts numerous deposits.

This includes Paladin Energy Ltd’s (ASX: PDN) Michelin Uranium Project which comprises six deposits that together host 127.7 million pounds of uranium.

There are also the Moran Lake and Anna Lake Deposits where historical resources comprise 14.5 million pounds of uranium and 136.4 million pounds of vanadium.

Consideration for the acquisition

The entry cost is minimal considering the prospectivity, with up-front consideration of C$150,000 which provides a 12-month option.

Koba can acquire 100% with further staged payments of C$575,000 over four years through a combination of cash and shares.

The company recently placed 25 million shares at $0.08 to raise $2 million.

Potential for discovery

Ben Vallerine, managing director, commented:

“The Harrier Project includes nine very exciting prospects.

“At each of these nine prospects rock chip assay results in excess of 1.0% U3O8 have been returned, including assays up to 5.83% U3O8.

“Incredibly, very little exploration, or drilling, has been undertaken previously.

“This is some of the highest-grade uranium mineralisation in the world.

“We know there are big deposits in this district, with the 128 million pound Michelin Project located only 50 kilometres east of our project.”

This provides the potential to discover very high-grade and large deposits.

Focus remains on Yarramba

The company’s focus remains firmly on the Yarramba Uranium Project in South Australia, where drilling is set to commence next month.

Yarramba was recently acquired, and the paleochannels are a continuation of those that host Koba’s advanced Oban Uranium Deposit.

Oban has a JORC 2004 Resource of 8.2 million tonnes at 260ppm for 4.6 million pounds of uranium.

The project is located in the Frome Embayment, another world-class uranium district hosting large deposits.

These include the Beverley Uranium Operation with production of over 40 million pounds of uranium during 20 years of continuous operation.

The defined resource comprises 165 million pounds at 2,766ppm uranium.

There is also the Honeymoon Uranium Operation where production recently commenced and resources total 71.6 million pounds at 620ppm uranium.

Boss Energy Ltd (ASX: BOE) owns the Honeymoon project.

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