Pirie Basin Uranium

EL 4242 Midgee (Stellar 100%) is the northern most exploration licence held by Stellar in the Pirie Basin and adjoins UraniumSA Limited’s highly mineralised EL 3652. UraniumSA has announced a mineral resource estimate of 21.8 million tonnes grading 292 parts per million U3O8 for Plumbush which lies near the northern boundary with Midgee. Under a joint venture agreement with Stellar, UraniumSA has demonstrated that the Plumbush mineralisation extends into the northwest corner of EL 4242. UraniumSA can earn a 73% interest in 40% of EL 4242 by identifying a JORC compliant inferred resource.

EL 3978 Cowell (Stellar 100%) covers a significant proportion of the southern half of the Pirie Basin. Exploration has shown that the tertiary aged sediments that host uranium mineralisation in the northern part of the Pirie Basin are also present over an extensive area within the Cowell licence.

Under a joint venture with Stellar, Renaissance Uranium has completed an exploration program to define the distribution of the target sediments and followed up with a rotary drilling program. Several low grade uranium occurrences were located by drilling with the best results near the weathered margin of Hiltaba aged granites.

Exploration drilling is expected to continue with Renaissance earning a 75% interest by sole funding $3.5 million of expenditure.