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Havilah Resources to explore value of uranium assets in world-class Frome Basin, shares up 30%

The company is considering a capital raising via a Havilah-sponsored IPO where eligible shareholders would be offered priority share subscription rights.

Havilah Resources Ltd - Havilah Resources to explore value of uranium assets in world-class Frome Basin
The company’s exploration licences north of the Barrier Highway are highly prospective for Tertiary palaeochannel-hosted uranium deposits.

Havilah Resources Ltd (ASX:HAV) (FRA:FWL) is focused on realising the latent value of its uranium assets in South Australia during the current period of positive sentiment towards the uranium sector in Australia and globally.

The company is exploring its options after the withdrawal of Aroha Resources Pty Ltd from a binding MOU for the exploration and potential development of Havilah’s uranium interests that was to be facilitated via an initial public offering (IPO) sponsored by Aroha.

A capital raising via a Havilah-sponsored IPO is one option now being considered, where eligible shareholders would be offered priority share subscription rights. 

Shares in the company were up 30% to 30 cents, which represents a new high of more than three years.

“World-class uranium province” 

Havilah technical director Dr Chris Giles said: “Our uranium assets are located in the world-class Frome Basin uranium province in South Australia, which also includes the Beverley uranium mine (owned by Heathgate Resources Pty Ltd) that has been operating continuously for over two decades.

“There is widespread roll front uranium mineralisation on our tenements that is under-explored and also a well-defined uranium JORC resource at our Oban uranium deposit. 

“We will update shareholders on future plans for our uranium assets during the coming weeks, as we advance our planning.”

Havilah’s exploration licence area covered by the previous MOU uranium rights (green boundary). 

Assets’ economic potential 

Many of Havilah’s exploration licences north of the Barrier Highway are highly prospective for Tertiary palaeochannel-hosted uranium deposits similar to the nearby Boss Energy Ltd’s (ASX:BOE) (OTCMKTS:BQSSF) Honeymoon uranium project, which is being readied for production.

Curnamona Energy, a 100%-owned subsidiary of Havilah after its takeover during 2012, identified numerous potentially economic-grade uranium intersections in its extensive drilling campaigns across the region and delineated the 4.6 million pound eU3O8 Oban JORC inferred resource.

New techniques and processes over the last decade, especially advancements in the use of resins, have given the company considerable cause for optimism that Oban and similar prospects within exploration licences covered by the MOU can be economically exploited, along with the ongoing improvement in uranium market sentiment.

Quick facts: Havilah Resources Ltd

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Price: 0.185 AUD

Market Cap: $56.66 m

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