Argonaut Resources NL (ASX: ARE) (Argonaut or the Company), to be renamed Orpheus Uranium Limited, is pleased to announce an update on the Erudina prospect, Frome project that is highly prospective for sedimentary-hosted roll-front and tabular-style uranium mineralisation, located within the Frome Embayment of South Australia, Australia,.
Orpheus has commenced a trial Induced Polarisation (IP) Orientation Survey across the Exploration Target Zone at the Erudina prospect, to confirm whether IP may identify sedimentary-hosted disseminated pyrite, associated with uranium mineralisation in the Lower Eyre Formation.
Highlights
A total of 42 pole-dipole stations are planned for 4 line-km, positioned at 100m spacing across an area known to contain pyritic Eyre Formation that is also host to uranium mineralisation, targeting historic drill hole ER0048 that contains a combined mineralised thickness of 4.05m averaging 272 ppm equivalent uranium oxide U3O8 1.33m @180 ppm U3O8 from 168.99m; 0.79m @ 200 ppm U3O8 from 172.68m 0.76m @ 687 ppm U3O8 from 180.48m (including a maximum grade of 1,764 ppm U3O8) 0.12m @ 102 ppm U3O8 from 185.98m 1.05m @ 191 ppm U3O8 from 186.57m
Results are expected by the end of January 2024, and subject to the outcome, a Detailed IP Survey may commence in preparation for drilling within the Exploration Target Zone at the Erudina prospect.
Next Steps
Subject to the results of this trial a detailed IP Survey at the Erudina prospect may commence immediately.
Heritage Survey with members of the Adnyamathanha Traditional Lands Association (Aboriginal Corporation)
RNTBC (ATLA) who are the Traditional Custodians of the land within the Frome project. This survey is planned for
February 2024.
Rotary Mud drilling targeting infill areas within the highly encouraging 12 km Exploration Target Zone at the Erudina prospect and at the Sandyoota Region, located just 12 km northwest of the Goulds Dam Deposit, planned for first half of 2024. A Program for Environment Protection and Rehabilitation (PEPR) for exploration drilling approval has been submitted to the Government of South Australia.
Executive Chairman, Mick Billing states: 'Global uranium pricing now sits above US$100/lb, a level not seen since 2007, and we are very excited at the prospect of our first uranium drilling campaign. 'Petrophysical testing results confirm chargeability contrasts combined with the association of pyrite and uranium mineralisation are tools which can be applied to fine tune drilling targets in this highly prospective region of the Frome project. We look forward to updating investors on our progress.'
About the Frome Project
The Frome project is comprised of four highly prospective exploration licences in the Frome Embayment area of South Australia which is arguably the most prospective region in Australia for sandstone-hosted uranium deposits,. The Frome project covers large portions of the Erudina, Curnamona, Frome Downs and Billeroo palaeochannels, located approximately 12 km west of the Goulds Dam deposit held by Boss Energy Ltd who recently announced strong infill drilling results (ASX: BOE - announcement 12 September 2023) and two new satellite prospects adjacent to Goulds Dam (Billeroo and Sunrise) (ASX: BOE - announcement 28 September 2023)2.
Induced Polarisation Testwork, Erudina Prospect
Orpheus has completed an IP Detection Study on historic drill core to test chargeability potential. Nine drill core samples were submitted to Terra Petrophysics to conduct petrophysical measurements including: electrical properties to measure chargeability potential, seismic properties to measure acoustic impedance as well as other petrophysical properties. Importantly, results of the IP detection study confirm significant chargeability contrasts between pyritic core of the Lower Eyre Formation that are more chargeable than the Upper Eyre Formation, underlying Cretaceous sediments and Cambrian sediments, results presented. The petrophysical results also confirm strong acoustic impedance contrasts providing reassurance of the passive seismic technique as an exploration method to define the unconformity between the Tertiary sequence and underlying Cambrian basement. Notably, this is a unique geological setting where basement rock types comprise Cambrian sediments that are not crystalline and therefore IP may be an opportunistic exploration method to identify sedimentary-pyrite that may be associated with uranium mineralisation at the Frome project
About Argonaut
Argonaut Resources NL is an Australian Securities Exchange listed exploration company which has received shareholder approval to be renamed Orpheus Uranium Limited. The name change is estimated to be complete early in 2024. The strategic direction of the Company is to focus principally on its Australian uranium assets, and has acquired and commenced activities on, an extensive suite of highly prospective uranium licences in South Australia and the Northern Territory, both jurisdictions which allow uranium mining and processing
Competent Person Statement
Sections of information contained in this report that relate to Exploration Results were compiled or reviewed by Miss Bethany Lawrence BScAppGeol(Hons),MAIG,GIA(Aff),CG(Aff) who is a Member of the Australian Institute of Geoscientists and is a full-time employee of Argonaut Resources NL and Orpheus Uranium Limited. Miss Lawrence holds shares in Argonaut Resources NL. Miss Lawrence has sufficient experience which is relevant to the style of mineral deposits under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves'. Miss Lawrence consents to the inclusion in this report of the matters based on this information in the form and context in which it appears
Contact:
Tel: +61 8 8231 0381
Email: adelaide@argonautresources.com
ARGT RESODEFD ORD2 
