Antares Metals Begins 1,000m Drilling to Upgrade Queens Gift Uranium Resource
Antares Metals is set to begin a 1,000m drilling campaign at its Queens Gift uranium project, aiming to expand mineralisation and upgrade its resource classification to JORC 2012 standards.
- Imminent start of ~1,000m RC drilling at Queens Gift uranium project
- Drilling aims to extend uranium mineralisation envelope down dip
- Focus on upgrading existing JORC 2004 resource to JORC 2012 compliance
- Queens Gift shares geological similarities with Paladin Energy’s Valhalla deposit
- Additional drill-ready uranium targets identified at Skevi and B8A prospects
Antares Metals Advances Uranium Exploration
Antares Metals Limited (ASX – AM5) has announced the imminent commencement of its first drilling campaign at the Queens Gift uranium project, part of its Mt Isa North Copper and Uranium portfolio in northwest Queensland. The company plans to undertake approximately 1,000 metres of Reverse Circulation (RC) drilling aimed at expanding the known uranium mineralisation and validating historical data.
Upgrading Resource Classification
The drilling program’s primary objective is to extend the uranium mineralisation envelope down dip from previous drilling and to provide critical information that will support upgrading the existing mineral resource estimate from the older JORC 2004 standard to the more rigorous JORC 2012 classification. This upgrade is expected to enhance the project's value and investor confidence by aligning it with current industry reporting standards.
Queens Gift’s Geological Significance
Queens Gift is an advanced uranium prospect discovered in 1969 and further developed by Deep Yellow Ltd between 2006 and 2011. The deposit is notable for its geological and alteration similarities to Paladin Energy’s Valhalla uranium deposit, including steeply dipping mineralisation zones and characteristic alteration minerals such as hematite and albitite. These parallels suggest strong potential for significant uranium resources.
Broader Uranium Potential in Mt Isa North
Beyond Queens Gift, Antares Metals has identified other promising uranium prospects within its tenements, including Skevi and B8A, which are considered drill-ready. The company’s CEO, Johan Lambrechts, emphasised the strategic importance of these projects, highlighting the potential to unlock further value through ongoing exploration activities in the upcoming season.
Looking Ahead
As drilling is set to commence imminently, market participants will be watching closely for assay results and resource updates that could materially impact Antares Metals’ valuation. The company’s ability to successfully upgrade its resource classification and expand the mineralisation envelope will be key milestones in advancing the Queens Gift project towards development.
Bottom Line?
Antares Metals’ drilling campaign could redefine the scale and quality of its uranium assets, setting the stage for a pivotal resource upgrade.
Questions in the middle?
- Will the drilling results confirm significant extensions to the uranium mineralisation envelope?
- How quickly can Antares Metals complete the JORC 2012 resource upgrade and what impact will it have on valuation?
- What are the exploration timelines and potential resource sizes for the Skevi and B8A prospects?
