Antares Metals has confirmed significant high-grade uranium mineralisation at its Queens Gift project in Queensland, setting the stage for a resource upgrade and expanded exploration across its Mt Isa North portfolio.
- 20m at 741 ppm U3O8 including 8m at 1288 ppm confirmed by RC drilling
- 954m drilling program targeted down-dip extensions and resource upgrade
- All holes intersected key albitite alteration typical of Mt Isa uranium deposits
- Queens Gift resource upgrade from JORC 2004 to JORC 2012 underway
- Further exploration planned across Mt Isa North and Western Australia projects
Strong Assay Results Reinforce Queens Gift Potential
Antares Metals Ltd (ASX:AM5) has announced compelling assay results from its recent reverse circulation drilling program at the Queens Gift Uranium Project in northwest Queensland. The program, comprising five holes totaling 954 metres, successfully intersected high-grade uranium mineralisation, including a standout interval of 20 metres grading 741 parts per million (ppm) U3O8, with an 8-metre section hitting an impressive 1288 ppm U3O8. These results validate the presence of a substantial mineralised system and bolster confidence in the project’s potential.
Advancing Resource Classification and Geological Understanding
The drilling was strategically designed to extend known mineralisation down dip and to collect data necessary for upgrading the existing mineral resource estimate from the outdated JORC 2004 standard to the more rigorous JORC 2012 classification. This upgrade is critical for enhancing the credibility and marketability of the resource. Notably, all holes intersected the targeted albitite alteration, a key geological marker synonymous with major Mt Isa style uranium deposits, further confirming the geological model underpinning the project.
Queens Gift in Context of Mt Isa North Portfolio
Queens Gift is part of Antares Metals’ broader Mt Isa North Copper and Uranium Project, a 1,937 square kilometre tenure package located less than 50 kilometres from Paladin Energy’s Valhalla uranium project, which boasts a significant resource of 28.9 million pounds at 820 ppm U3O8. The proximity and geological similarities to Valhalla enhance the strategic value of Queens Gift. The project’s uranium mineralisation is hosted within hematite-altered basalts and displays alteration signatures akin to those seen in the region’s major deposits.
Looking Ahead: Exploration and Development Plans
Encouraged by the drilling success, Antares Metals is preparing to commence field exploration activities across its Mt Isa North uranium portfolio, including other promising targets such as Conglomerate Creek, Cromwell, Startle, and Astound. Additionally, exploration efforts at the Quinns Project in Western Australia are set to ramp up, with heritage surveys, mapping, and soil sampling planned. The company’s managing director, Terry Topping, emphasised that these results mark a significant milestone and provide a strong foundation for further resource development and exploration.
Technical Rigor and Compliance
The drilling and sampling adhered to industry best practices, with comprehensive quality control measures including the use of certified reference materials and laboratory assays conducted at an ISO-certified facility. The data collected not only supports the resource upgrade but also enhances the structural understanding of the deposit, which is crucial for future drilling and potential mining studies.
Bottom Line?
Antares Metals’ Queens Gift results set a promising tone for resource upgrades and expanded uranium exploration in a region poised for growth.
Questions in the middle?
- How will the resource upgrade to JORC 2012 impact Antares Metals’ valuation and project financing options?
- What are the timelines and expected outcomes for upcoming exploration activities across the Mt Isa North and Western Australia portfolios?
- Could the Queens Gift mineralisation extend further at depth or along strike, and what drilling strategies will be employed to test this?