Antares Metals (ASX:AM5) announced high-grade assay results from its recently completed reverse circulation drilling program at the Queens Gift Uranium Project in northwest Queensland.
The project is a key component of the company's extensive 1,937km2 Mt Isa North Copper and Uranium Project, situated less than 50km from Paladin Energy’s notable Valhalla deposit.
The maiden drilling campaign comprised five RC holes totalling 945m, specifically designed to test down-dip extensions of the known mineralisation envelope and provide the geological data necessary to upgrade existing resource estimates from JORC 2004 to the current JORC 2012 classification.
The laboratory results confirmed the presence of a substantial mineralised system, with all five holes hitting the targeted uranium mineralisation.
A standout result was recorded in hole AQD002, which returned an intersection of 20m @ 741 ppm U3O8 from a depth of 60m, including a particularly high-grade interval of 8m @ 1288 ppm U3O8.
The program identified consistent albitite alteration, a crucial marker synonymous with major Mt Isa style uranium deposits.
Management noted that the results reinforce the exploration potential of their broader Queensland portfolio.
At the time of reporting, Antares Metals' share price was $0.0080.