Crusader Resources (ASX:CAS) has finalised exploration plans for the Lake Throssell Uranium project, located approximately 200km to the north east of Laverton in Western Australia.
The decision to advance exploration at Lake Throssell was a principal driver for Crusader’s recent placement and the rights issue currently underway.
The target is a range of styles of uranium mineralisation in the paleochannel system, which hosts a significant deposit at the nearby Thatcher Soak.
Positive changes to uranium mining by the Western Australian government has also been a key driver.
Crusader has recently added two new applications for exploration licences and one of its existing applications has recently been granted. Crusader’s tenements now cover in excess of 2,500 sq kilometres and over 80 linear km of prospective paleochannel.
Promising uranium discoveries in nearby tenements provides impetus for exploration upside including:
- The presence of uranium mineralisation at surface on one of Crusader’s tenements in calcrete samples
- Significant (11Mlbs of U3O8) deposit “up‐paleochannel” at Thatchers Soak.
The area has also been under-explored.
Three styles of mineralised systems are targeted by Crusader:
- Calcrete hosted deposits. The Yeerlirrie deposit (52,500t of contained U3O8 @ 0.15%) located near Wiluna in WA and the Thatchers Soak deposit (Uranex) are examples. These are shallow deposits which are hosted in paleodrainages.
- Sandstone hosted. The Beverly (17,800t @0.15% U3O8 ) and Honeymoon (2,460t @0.2% U3O8) uranium projects in South Australia are sandstone hosted examples, hosted deeper in paleodrainages.
- Lignite hosted. Mulga Rocks (20,972t @0.047% U3O8 ) also in WA is an important example.
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