Argonaut Resources acquires package of three South Australian licences prospective for uranium

Argonaut Resources NL (ASX:ARE) has acquired a package of highly prospective uranium exploration licences known as the Frome Project south of Lake Frome in South Australia.

The project includes three highly prospective licences in the Frome Embayment area of South Australia, which is arguably the most prospective region in Australia for sandstone-hosted uranium deposits.

This area hosts the Beverley deposit and Four Mile in the northwest and the Honeymoon, Goulds Dam and Oban deposits in the southeast.

Importantly, the area is nearby to existing, licensed uranium production sites such as Honeymoon, Four Mile and Beverley where uranium production is by in-situ recovery (ISR).*Tenure and prospectivity*

Argonaut holds a 100% interest in two large exploration licences, both greater than 950 square kilometres, and a third licence via an option, sale and milestone agreement.

This agreement provides for the acquisition by Argonaut of a 100% interest of a third similarly large exploration licence, currently in the application stage.