Core Energy Minerals Acquires South Australian Uranium Projects

January 21, 2025 01:20 PM AEDT | By Team Kalkine Media

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Core Energy Minerals Acquires South Australian Uranium Projects — Image source: shutterstock

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Highlights

Core Energy Minerals (ASX:CR3) secures the Cummins and Harris Greenstone uranium projects in South Australia.

The projects are located in a region with several established world-class uranium mines.

Initial low-impact exploration to commence once tenement transfers are finalized, with drilling programs expected in H1 2025.

Core Energy Minerals (ASX:CR3) has moved to enhance its presence in the uranium sector by securing a strategic acquisition of two significant uranium projects located in South Australia. Through option agreements, Core Energy is positioning itself to potentially acquire a 100% interest in the Cummins and Harris Greenstone uranium projects, which are expected to further bolster the company's position in the growing uranium market.

The two-stage option agreements have been finalized with the vendors of the respective projects: R and B Resources for the Cummins Project, and Harris Belt Holdings and Fowler Resources for the Harris Greenstone Project. These acquisitions mark a pivotal step for Core Energy as it expands its footprint in a uranium-rich region that already hosts world-class operating uranium mines.

The South Australian region in question is home to several prominent players in the uranium mining industry, such as BHP's (ASX:BHP) Olympic Dam Mine, Boss Energy's (ASX:BOE) Honeymoon Project, and Heathgate's Four Mile Mine. Additionally, Alligator Energy (ASX:AGE) is advancing its Samphire Uranium Project, showcasing the area's potential for further uranium exploration and development.

Upon the completion of the necessary tenement transfers, Core Energy is set to commence low-impact exploration activities, including surface mapping and sampling. These activities will provide crucial insights into the uranium potential of the projects. Following government approvals, expected to be secured by the first half of 2025, the company plans to launch drilling programs to further investigate the mineralization potential of the properties.

Notably, the Cummins Project offers Core Energy multiple advanced, drill-ready targets. Historic exploration data indicates the presence of widespread, shallow palaeochannel-hosted uranium mineralization over an expansive area of more than 10 km². This promising development has generated significant excitement among stakeholders, further underscoring Core Energy's commitment to advancing its uranium exploration efforts.

With these acquisitions, Core Energy strengthens its position in the competitive uranium market, poised for significant exploration and potential discovery in South Australia's prime uranium-producing region.

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