Southern Uranium has this morning announced it has signed a farm-in and joint venture agreement with Eyre Energy, a wholly-owned subsidiary of Adelaide Resources, to explore for mineral deposits on the eastern Eyre Peninsula in South Australia.
Both companies will be contributing contiguous mineral tenements in the Yalanda Hill area to the joint venture.
The joint venture covers a total area of 758 km2, covering a partially exposed part of the Gawler Craton which, according to Southern Uranium, shows some of the strongest airborne radiometric responses in the region.
“Participation in this ground within a key part of the prospective Moonta Corridor is important to Southern Uranium and we welcome the mutually beneficial joint venture with a partner of Adelaide Resources’ calibre Southern Uranium managing director John Anderson said.
“The Eyre Peninsula is emerging as a new exploration destination with the resurgence in iron ore potential and new uranium discoveries at Mullaquana and Wilcherry.”
Southern Uranium will manage the project with the right to earn a 60% interest.