Pinnacle Minerals Ltd (ASX: PIM), a forward-thinking exploration company, is thrilled to announce the granting of the Wirrulla Project (EL 6968) in South Australia, a region known for its rich mineral resources. Recent satellite and radar imagery analysis at the Wirrulla Project has uncovered significant potential for uranium (U3O8) mineralisation, marking a major milestone in the company's exploration endeavors.
Pinnacle Minerals Managing Director, Nic Matich, commented:
“The Uranium spot price has increased dramatically over the past 18 months to more than US $100 per pound today (a 16 year high). The investment thesis for uranium is strengthening as the drive towards net zero increases. South Australia is an ideal jurisdiction to explore for uranium given the states “prouranium stance”. Having known high grade U3O8 mineralisation in paleochannels that are mapped within our Wirrulla Project is a positive indicator and one Pinnacle is investigating as a priority.”
Discovery of High-Grade Uranium and REE Mineralisation
The analysis has not only highlighted the presence of uranium mineralisation but also defined several priority target areas within the Narlaby palaeochannel. This channel is known for hosting high-grade uranium mineralisation at Yarranna and ionic absorption Rare Earth Elements (REE) mineralisation at Boland. Notably, significant U3O8 intercepts at the Yarranna project include 3,550ppm U3O8 over 1m from 66m and 1,400ppm U3O8 over 1m from 69m.
Elevated Priority Status for Cluster of U3O8 Targets
A cluster of U3O8 targets, located within 10km of Yarranna, has been elevated to priority status due to their strategic location. These targets overlie and straddle the interpreted continuation of the palaeochannel that hosts the Yarranna mineralisation, indicating a high potential for significant findings.
Strategic Location in a Pro-Uranium Mining Jurisdiction
The Wirrulla Project's location in South Australia, a pro-uranium mining jurisdiction, is highly advantageous. South Australia is home to approximately 80% of Australia’s economically demonstrated uranium resources and about 23% of the world's uranium resources, positioning the Wirrulla Project in a globally significant region for uranium exploration.
Consolidated Uranium’s Acquisition of Yarranna Uranium Project
The recent acquisition of the Yarranna Uranium Project by Consolidated Uranium (TSXV.CUR), which merged with isoEnergy (ISO.CVE) to form a c.$700M diversified uranium company, underscores the region's potential as a burgeoning uranium district. This acquisition, valued at CA $4M,
highlights the growing interest and investment in the area, further validating the significance of Pinnacle Minerals Ltd's Wirrulla Project.
A New Era of Uranium and REE Exploration
Pinnacle Minerals Ltd's exploration at the Wirrulla Project represents a new era in the search for critical minerals such as uranium and REE. The company's commitment to leveraging advanced satellite and radar imagery techniques has positioned it at the forefront of discovering and developing these essential resources. The potential of the Wirrulla Project to contribute to the global uranium and REE supply is a testament to Pinnacle's innovative approach and strategic exploration efforts.
About us:
Pinnacle Minerals Ltd (ASX: PIM) is an ASX listed technology minerals company focused on delivering shareholder value via the systematic exploration and development of its portfolio of battery and technology metals projects in Canada, Western Australia and South Australia. Pinnacle aims to deliver exploration success via systematic and geologically rigorous techniques. The Company’s focus is the “Adina East Project” in James Bay, Quebec which is proximal to the world class Adina Lithium Project (Winsome Resources: WR1.ASX) and adjacent to the Trieste Lithium Project (Loyal Lithium: LLI.ASX) and the Tilly Lithium Project (WR1.ASX). The Company’s Australian exploration assets are prospective for Rare Earth Elements, Mineral Sands and Kaolin.
Contact details:
Jane Morgan