Northern Uranium (ASX: NTU) is an established Australian exploration company primarily focussed on Uranium and Rare Earth exploration and development in Western Australia and the Northern Territory.
Northern Uranium tucks away $1.1 million for high priority Gardiner-Tanami target
Northern Uranium (ASX: NTU) has raised $1.12 million via a placement of 7.5 million shares at 15 cents each to institutional and sophisticated investors.
Funds raised will be used to to fund exploration at Northern Uranium’s Gardiner-Tanami project.
On-ground exploration has recommenced at Northern Uranium's 100% owned Gardiner-Tanami project in northern Australia.
Northern Uranium has been exploring for unconformity related uranium deposits in the area since 2007 with French nuclear group Areva NC. The Gardiner-Tanami project covers an area of approximately 10,000km2 centred on the WA-NT border 200km southeast of Halls Creek.
Exploration to date has been focused on pinpointing the highest quality targets using a ‘whole of project’ approach. This reflects Areva’s experience and success in Canada within the Athabasca Basin which hosts the world’s highest grade unconformity-related uranium deposits.
French owned global uranium heavyweight Areva NC holds 8,500,000 shares in Northern Uranium or 16.8% of the company.
The Gardiner-Tanami area is also compared favourably with the Alligator Rivers region in the NT where the Ranger mine, Australia’s largest operating uranium mine, is located.
