Uvre Limited (ASX: UVA) is pleased to advise that it has completed the acquisition of 100% of the issued share capital of Uranium SA Pty Ltd, which holds two prospective exploration licences in the uranium rich Frome Basin region in South Australia ('SA Uranium Project').
The SA Uranium Project includes two exploration licenses and projects, the Frome Downs (EL6996) and Yankaninna (EL6995) Projects. These licenses cover 521km2 of prospective ground within and nearby to the uranium rich Frome Basin of South Australia. The Frome Basin hosts several significant uranium deposits and operating uranium mines. South Australia is the only state in Australia where the mining and processing of uranium ore is allowed, other than the Northern Territory.
Uranium SA Background
In early 2024, Uranium SA Pty Ltd (Uranium SA) was founded for the purpose of acquiring priority Uranium prospective tenure in South Australia, following an extensive review of the South Australian Resources Information Gateway (SARIG) data. This review identified 3 exploration prospect areas in the Frome Basin Region, which as a province is highly prospective for uranium and hosts some of the largest uranium deposits in South Australia. Following this review, Uranium SA applied for the 3 prospect areas it had identified in the Frome Basin Region under application ELA 2024/0001 and ELA 2024/0003, which were recently granted earlier than anticipated as Exploration Licenses (EL) being the Frome Downs Project (EL6996) and Yankaninna Project (EL6995). With the EL's now granted, the Uvre team is already advancing discussions for Access and Native Title Agreements and identifying prospective areas of the tenure in order to commence the priority exploration programs as soon as practical in Q3 2024.
Regional Geological Setting - Frome Basin Region The Uranium SA Exploration Licenses in South Australia are located in a province of multiple Uranium projects including: Nob Well - Occurrence of carnotite, 1.7 km NE of Nob Well, located in basal Quaternary sandstones & conglomerates overlying Tertiary mudstone. Up to 0.068% U3O8 in rock. Discovered by Nissho Iwai Co. (Australia) 1973-1974. (SARIG Env 2193) Tent Hill - Occurrence of carnotite in Cretaceous siltstone on the top of the Oodnadatta Formation, 3 km NW of Tent Hill. Discovered by Nissho Iwai Co. (Australia), 1973-1974. (SARIG Env 2193) Apollinaris - Wide spaced drilling returning anomalous Uranium values of 5x background in one hole in siltstone of the Marree Formation. Close to outcropping carnotite reported near Tent Hill (SARIG Env 2193) Mt Shannahan (SARIG Bull 34) - Pitchblende-bearing vein found at surface
Scott Lee - Cu-U soil and rock chip geochemical anomaly identified in 2012 over a length of 1500m, maximum width 1,000m. Best drill interval 6m @ 1112 ppm U3O85 Shamrock - Surface Cu-U mineralisation in quartz vein in host volcanics of the Callana Beds. No production records. Later exploration identified pitchblende in main shaft. Best value from 2 diamond drill holes 3.05m diamond core assayed 0.9lb U3O8/ton (SARIG ENV 03976) Radium Ridge - Mineralisation in haematitic breccia. Indicated resource 3,000,000 ton at 1.2lb U3O8/ton and 2,000,000 ton at 1.3lb U3O8/ton (Env SARIG 03633) Mount Painter - Mineralisation in haematitic breccia. Total (Indicated + Inferred) = 51.0 Mt @ 615ppm for 31,400t U3O8 (300ppm cut off)6
Frome Downs Project - EL6996 (Exploration Project - 100% ownership - 343km2) The Frome Downs Project is located in the highly prospective Frome Basin which is host to multiple Uranium occurrences. Specifically, the Exploration License is located in the eastern Lake Frome region which is known to be prospective for roll-front type uranium mineralisation emplaced within sediments of the Tertiary Lake Eyre Basin. The Frome Basin Project exploration license is contiguous and to the north of Havilah Resources (ASX: HAV) Curnamona Province tenements. Koba Resources (ASX: KOB) acquired an 80% interest in the Yarramba Uranium Project in South Australia for $3.5m KOB shares + options & performance rights7 . The Frome Basin EL covers the tertiary sediments overlying the Mesozoic Frome Embayment which hosts widespread uranium mineralization over the Lake Namba palaeochannel and is located: 100km north of Boss Energy's (ASX: BOE) Gould's Dam Uranium discovery (JORC resource 4.4Mt @ 650ppm U308 for 6.3Mlbs contained U308 (Indicated) and 17.7Mt at 480ppm U308 for 18.7Mlbs contained U308 (Inferred)); 93km north of the Portia Gold Mine owned by GBM Resources (ASX: GBM) (JORC resource 4.6 Mt @ 0.7 g/t Au for 101,900 Oz Au); 88km north of Havilah Resources (ASX: HAV) Oban Uranium Resource - (JORC Resource 8mMt @ 260 ppm eU3O8 for a total contained 2,100 tonnes of eU3O8 and 130km north-west Boss Energy's Honeymoon Uranium Mine (JORC Resource 71.6 Mlb (52.4Mt) @ 620ppm U308). (Source: Uranium SA Geology Team - SARIG)
Board and Executive Management Changes
The Company confirms the following changes to the executive management of the Company and Board of Directors, as part of the conditions precedent for completion of the transaction. Effective immediately, Brett Mitchell has moved from Non-Executive Director to Executive Chairman of the Company and will take over responsibility for all executive management responsibilities, including all current project operational, exploration and development decisions, and corporate responsibilities including managing the Company's shareholders, future acquisition and capital raising strategies of the Company. The Company has entered into a Director Consultancy Agreement with Mr Mitchell for the provision of these executive services. The material terms of the Director Consultancy Agreement include:
The Performance Rights included in Mr Mitchell's Director Consultancy Agreement will be issued under the Company's approved Employee Securities Incentive Plan and are subject to shareholder approval. The Company's founding Managing Director Peter Woods has moved to a Non-Executive Director as part of the transition to the new management team effective immediately, and founding Non-Executive Chair Steven Wood will be part of the new Board as a Non-Executive Director. The Company and major shareholders would like to welcome Mr Alex Passmore to the Board, who now joins as a Non-Executive Director as part of the Uranium SA acquisition representing the vendor group, and Mr Charles Nesbitt has resigned as a Non-Executive Director. The Board would like to thank Mr Charles Nesbitt for his contributions to the Company over the past 3 years and wish him well with his future endeavours.
Contact:
Brett Mitchell Paul Armstrong
Executive Chairman Read Corporate
Tel: +61 2 9299 9690
Email: brett@uvrelimited.com
About Uvre Ltd - Energy Transition Metals Focused Explorer
Uvre is implementing its strategy to become a substantial mineral exploration and development company focused on those metals which are critical to the global energy transition. It aims to acquire, explore and advance projects which meet this criteria while also offering the potential to generate superior financial returns for its shareholders. It aims to apply the specialist skills and experience of its team to unlock the value of these projects, principally through discovery and project development.
UVRE LIMITED 
