Uranium Exploration Australia (UXA) has entered into an option and joint venture agreement with Rosscraft Minerals to develop the Marcollat uranium tenement in South Australia.
The tenement is about 50km west of Bordertown and under the terms of the agreement, UXA has the option to earn 25% interest in Marcollat by spending a minimum of $60,000 on drilling, and may, at its sole discretion, increase its interest in stages to 50% and 75%, by spending up to a total of $1.6 million over five years.
Geological investigations during the past five years indicate that the basement rocks are similar to the Mount Read Volcanics of western Tasmania and may be an extension of this mineral rich geological belt.
The initial drill target consists of coincident magnetic and gravity anomalies at Clover Ridge with the potential for base metals and gold within the basement rocks.
UXA managing director Patrick Mutz says: "This agreement provides UXA with an excellent opportunity to access a low risk, drill-ready target to jump start our 2007-2008 drilling program".
The company is planning a single reconnaissance hole at Marcollat before beginning its planned 20,000 metre drill program on its 100% owned tenements, starting in the Gawler Craton in South Australia.
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