Koba Resources (ASX:KOB) said on Wednesday (July 31) that it has obtained all necessary permits and clearances to initiate drilling at its flagship Yarramba uranium project in South Australia.
The company said a 11,000 metre drill program across 110 holes will begin in the first few weeks of August.
Koba will be aiming to grow the reource at the Oban uranium deposit, which has a JORC resource estimate of 4.6 million pounds of U3O8. It is also looking to discover further resources at the Mount John prospect.
“The recently obtained permits allow us to drill up to 500 holes, providing flexibility to quickly follow up on any significant results from this initial program,” Koba said in its press release.
This drill program will mark the first uranium exploration at the site since 2012.
“Drilling planned at the Mt John Prospect has the potential for the discovery of high-grade uranium deposits within 4km of the 10.7Mlb Jason Uranium Deposit,” said Ben Vallerine, managing director and CEO of Koba.
Jason belongs to uranium miner Boss Energy (ASX:BOE,OTCQX:BQSSF). Yarramba is also 17 kilometres north of Boss Energy’s Honeymoon uranium mine, and 120 kilometres southeast of Heathgate Resources’ Beverly uranium mine.
The company has enlisted a geophysical consultant to examine other prospects within Yarramba. It is also developing a pipeline of prospects at various stages of development, with plans to drill in 2024 and beyond.
In January, Koba entered agreements that give it the right to acquire up to an 80 percent interest in Yarramba. Part of the requirements include spending AU$6 million on exploration and development within four years.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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