The exploration model for Lake Blanche comprises migration of uranium-rich groundwater through the permeable host sandstones of the Eromanga Basin from source rocks such as the highly-uraniferous Mt Painter Block outcropping 70km south of the project area. The uranium mineralisation style to be targeted is analogous to roll-front uranium mineralization in equivalent sedimentary basins in Kazakhstan – some 200 km from their uraniferous source rocks.
The proposed drilling is designed to identify favourable alteration and anomalous radioactivity within the Tertiary and Mesozoic sand sequences; the latter has never been tested for its roll-front uranium potential.
Agreement has been reached with the Native Title Claimants and a heritage survey completed. The project has been awarded a SA Government AUD100,000 PACE grant.
Under the terms of a joint venture agreement, Cameco Australia Pty Ltd (Cameco) can earn 51% interest through exploration expenditure of AUD3.5 million over four years and with a minimum commitment of AUD500,000. A further 9% interest can be earned through additional expenditure of AUD1 million.
