Infini Resources expands uranium portfolio with strategic Bellah Bore East acquisition
Infini Resources (ASX: I88) has consolidated its Yeelirrie North uranium project in Western Australia with the purchase of the adjacent Bellah Bore East tenement.
The tenement spans 0.92 square kilometres and comprises surficial calcrete-hosted uranium similar in style to the high-grade Yeelirrie deposit and contiguous to Yeelirrie North.
It includes an inferred mineral resource estimate of 350,000 tonnes grading 210 parts per million uranium oxide for a contained 160,000 pounds.
The estimate was released in 2008 and is based on 54 aircore holes, of which only seven were mineralised.
Open mineralisation
The mineralisation at Bellah Bore East is reported as being open in the northeast with a higher-grade core centred around an intersection of 3 metres at 781 ppm uranium oxide, including 1m at 2,111 ppm.
Carnotite was identified in past drilling by former owner Encounter Resources (ASX: ENR) as the primary ore mineral.
The undeveloped Yeelirrie uranium deposit was purchased by Cameco from BHP (ASX: BHP) in 2012 for approximately $645 million.
Cash Consideration
Bellah Bore East has been acquired from private vendor Mine Operations Exchange for a cash consideration of $47,500 plus a 1% net smelter royalty.
Infini will pay the cash component of the transaction from its existing working capital.
Annual expenditure commitments for the project have been set at a nominal $3,720.
The new acquisition follows an expansion of the Yeelirrie North footprint in April when Infini staked four large extensions of radiometric anomalism comparable to Yeelirrie and Dawson-Hinkler across 554 sq km.
The pending exploration licences cover areas of highly-anomalous uranium-thorium which are believed to correlate strongly with interpreted calcrete regolith horizons in aerial imagery.
Exploration inventory
Infini chief executive officer Charles Armstrong said the total target exploration inventory at Yeelirrie North had grown to an “impressive” 12 areas in a short amount of time.
“These licences provide us with the opportunity to potentially discover new uranium occurrences on the doorstep of the world-class Yeelirrie uranium deposit,” he said at the time.
The Bellah Bore East tenements are expected to further enhance the project.
“With this strategic acquisition, we have now successfully consolidated our tenure at Yeelirrie North, showcasing our determined pursuit of value as we progress our uranium portfolio in Canada and Australia,” Mr Armstrong said.
Portland Creek program
Last week, Infini announced it had completed a first-pass exploration program at the high-priority Talus prospect within the Portland Creek uranium project in Canada.
The company’s field crew collected 168 soil and biogeochemical samples plus 12 rock samples and completed 1,831 spectrometer readings to advance targeting efforts.
Highly-anomalous readings at surface reinforced the belief that a potential deposit may exist at Talus with peak values of 196,150 total counts per minute or 1,301ppm uranium.
The soil and biogeochemical samples are expected to help determine which sample methodology will be the most useful for detecting uranium mineralisation at the project.