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Highlights
- Heavy Rare Earths Ltd secures 80% interest in South Australian uranium projects.
- Havilah Resources transfers Radium Hill, Lake Namba-Billeroo, and Prospect Hill to HRE.
- The projects strengthen HRE's presence in uranium-rich Curnamona Province.
Heavy Rare Earths Ltd (ASX:HRE) has expanded its portfolio by acquiring three uranium projects in South Australia from Havilah Resources (ASX:HAV). The deal gives Heavy Rare Earths an 80% stake in the Curnamona Province, a region rich in uranium, further enhancing the company’s resource base. This acquisition aligns with the company’s strategic focus on both rare earth elements (REEs) and uranium, two resources often found together.
The three projects included in the agreement are Radium Hill, Lake Namba-Billeroo, and Prospect Hill. These assets provide Heavy Rare Earths with diverse exploration opportunities. Radium Hill, in particular, stands out due to its historical significance. It is located near the original Radium Hill mine, which was active between 1954 and 1961. During that period, the mine produced 2.6 million pounds of uranium at a grade of 0.12%, and the site still contains areas of known uranium mineralization along a 10-kilometer strike.
Lake Namba-Billeroo offers further potential with 50 kilometers of paleochannels that may contain uranium. Paleochannels are ancient riverbeds known for hosting valuable minerals, and this feature makes Lake Namba a key exploration target for Heavy Rare Earths.
Prospect Hill is described as an untested geological analogue to the well-known Beverley-Four Mile uranium camp. The project’s ore is aquifer-hosted, a common feature in successful uranium mines, making it an attractive addition to Heavy Rare Earths' exploration portfolio.
Havilah Resources highlighted that the deal allows them to monetize their uranium assets earlier than anticipated. For Heavy Rare Earths, the acquisition provides a cost-effective path to uranium exploration, with plans to begin work on these projects as soon as the deal is finalized.
Heavy Rare Earths last traded at 3.6 cents per share, while Havilah Resources was priced at 22.5 cents per share.
