Voltaic Strategic Resources Ltd Eyes Uranium At Paddys Well; Reviews Cameco Historic Hits

Voltaic Strategic Resources Ltd (ASX: VSR) will target uranium at the Paddys Well project in the Gascoyne region of Western Australia.

A review of historical and recent REE-targeted drilling at Paddys Well has unveiled significant uranium intersections.

Paddys Well is highly prospective for uranium and other metals due to its geological setting.

The project area was explored sporadically from the 1970s by companies including Cameco and PNC.

Historic hits

  • 9 metres at 930 ppm uranium from 40 metres;
  • 15 metres at 503 ppm uranium from 17 metres;
  • 2 metres at 1,203 ppm uranium from 22 metres; and
  • 6 metres at 770 ppm uranium from 22 metres.

This exploration covered a small portion of Voltaic’s extensive 1,300 square kilometre project area and several radiometric anomalies and targets have been identified for follow-up.

Primary uranium mineralisation at Paddys Well was demonstrated to be geochemically analogous to Jabiluka, the largest unconformity-type deposit in Alligator Rivers Uranium Field.

The timing is good for Voltaic following a resurgence in the uranium price.

Additionally, the ongoing discourse within Western Australia regarding potential changes to the current uranium mining policy is positive.

Exploration in the Gascoyne region from the mid-1970s to the early 1980s identified several uranium occurrences in both the basement Morrissey Metamorphic Suite and younger cover rocks.

Michael Walshe, chief executive officer, commented:

“Voltaic has already identified a substantial clay-hosted REE system at the Neo prospect, and the latest uranium findings further underscore the project’s considerable potential to host economic mineralisation, whilst noting that the company’s recent drilling was targeting REEs, not uranium.”

Next steps

On-ground systematic reconnaissance is planned across the previously identified radiometric anomalies focusing both on REE and uranium prospectivity.

Previously acquired radiometric data has identified several trends that overlay interpreted and mapped structures which provides a robust basis for uranium-focused targeting.

Surface spectrometer surveys and structural and lithological mapping will confirm and delineate further potential mineralised zones.

Planning for follow-up shallow drilling at Neo is in progress to define uranium mineralisation along the strike of the identified anomalous zones and will help guide deeper drilling for subsequent campaigns.

A recent deal with Delta Lithium Ltd

Earlier in the month Voltaic executed a farm-in with Delta Lithium Ltd (ASX: DLI) for the Ti Tree Lithium Project in Western Australia.

The $12 million two-stage earn-in deal would see Delta obtain an 80% interest in the lithium project over four years.

The binding farm-in and strategic joint venture covers Voltaic’s Ti Tree Project.

This will expand the scale of Delta’s Yinnetharra Lithium Project which currently hosts 26 million tonnes at 1% lithium.

Ti Tree is also located in the Gascoyne Region within the ‘Volta Corridor’, an 80-kilometre interpreted prospective corridor of lithium, cesium, tantalum (LCT)-bearing pegmatites containing Delta’s Yinnietharra lithium discovery.

 

 

Articles of Interest