The uranium rights over a large portion of tenure in the Pine Creek region of Northern Territory (NT) have returned to PNX Metals, after the expiry of a ten-year farm-in agreement with private company Oz Uranium.
The farm-in agreement was signed in November 2011.
PNX MD James Fox said previous explorer Thundelarra Exploration had discovered the near-surface Thunderball deposit and advanced other greenfield uranium disocveries directly adjacent to the Hayes Creek project.
“At the time of reporting in 2009, the uranium grades achieved at Thunderball were among the highest ever reported in Australia and highlight the significance of these returned rights to PNX and the pre-eminence of the Pine Creek uranium province,” said Fox.
Originally owned by Thundelarra Exploration, and subsequently transferred to Oz Uranium as part of a prior commercial agreement, the Hayes Creek uranium tenure received significant exploration focus between 2008 and 2011 including detailed geophysics, detailed mapping, surface sampling and drilling, which resulted in the estimation of a mineral resource at the Thunderball uranium deposit. As the resource is not Joint Ore Reserve Committee-compliant, it will be reassessed.
“The return of uranium rights over PNX’s approximate 1 500 km² of exploration tenure in the Pine Creek region of the NT is well timed with recent increased interest in uranium and its role in energy decarbonisation,” commented Fox.