australia's identified mineral resources 2005 - Geoscience Australia

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AUSTRALIA’S IDENTIFIED MINERAL RESOURCES 2005 TABLE 3. Correlation of resource classification schemes for uranium. National Scheme NEA/IAEA Scheme Tonnes U recoverable Economic Demonstrated Reasonably Assured Resources (RAR) Resources recoverable at less than US$40/ kg U 701 000 Paramarginal Demonstrated Resources RAR recoverable at US$40–80/ kg U 13 000 Submarginal Demonstrated Resources RAR recoverable at US$80–130/ kg U 33 000 Economic Inferred Resources Inferred Resources (IR) recoverable at less than US$40/ kg U 343 000 Subeconomic Inferred Resources IR recoverable at US$40–130/ kg U 53 000 Australia’s EDR were estimated to be 701 000 t U, an increase of 26 000 t U compared to the previous year, resulting from increases in reserves and resources at Olympic Dam. These increases at Olympic Dam were due to combined effects of: i) on-going underground development drilling, and ii) reserve/resource estimates at December 2004, the company using a higher long-term price of $30/lb U 3 O 8 compared with $23.33/lb for the previous year. Australia had an additional 343 000 t U in Inferred Resources recoverable at costs of
AUSTRALIA’S IDENTIFIED MINERAL RESOURCES 2005 Exploration Expenditure on uranium exploration in Australia declined over two decades leading up to 2003. From early 2003, market prices for uranium have increased with spot market prices more than doubling from US$10/lb U 3 O 8 (early 2003) to US$26.25/lb U 3 O 8 in May 2005. This has seen a resurgence of exploration activity marked by a number of new uranium-focussed junior exploration companies listing on the Australian Stock Exchange. Uranium exploration expenditure in Australia increased to $13.96 million in 2004, more than double that for the previous year ($6.38 million). Currently there are over 20 companies exploring for uranium compared with five actively exploring in 2003. In 2004, all uranium exploration was in the Northern Territory and South Australia with the main areas and deposit types targeted being: ■ ■ ■ Arnhem Land (NT) – exploration for unconformity-related deposits in Palaeoproterozoic metasediments below a thick cover of Kombolgie Sandstone. Frome Embayment (SA) – exploration for sandstone uranium deposits. Gawler Craton/Stuart Shelf region (SA) – exploration for hematite breccia complex deposits. WMC Resources continued a major exploration drilling program at Olympic Dam where significant additional resources were identified in the south-eastern portion of the deposit. Total resources as at December 2004 were almost 30% higher than in December 2003. Heathgate Resources announced the discovery of a new zone of uranium mineralisation approximately 3 km south of the Beverley deposit. Referred to as the Deep South zone, it was found using a range of geophysical surveys followed up by an extensive drilling program comprising more than 120 holes. The company also reported other discoveries in and around the Beverley mine. Alliance Resources/Quasar Resources reported that drilling at the Beverley 4 Mile prospect (10 km northwest of the Beverley mine) along the western margins of the Frome Embayment intersected uranium mineralisation. Hole AK009 intersected 1.5m at 0.26% eU 3 O 8 from 146m depth. Mineralisation is within carbonaceous sands thought to be Late Jurassic in age and equivalent to the Algebuckina Sandstone. If this interpretation is correct, it represents the first known discovery of significant uranium mineralisation within Mesozoic sediments in South Australia. It also highlights the potential for further discoveries in these sediments, which underlie extensive regions of the Frome Embayment. Southern Cross Resources continued exploration drilling to test Tertiary palaeochannel sands in the southern portion of the Frome Embayment (SA). In 2004, the company discovered a new zone of low-medium grade uranium mineralisation in an area of the Yarramba palaeochannel, approximately 1.5 km north-west of the Honeymoon deposit. The zone (identified as the Brooks Dam prospect) has been tested by drilling over 1 km along the palaeochannel. Grades and thicknesses of mineralised intersections were measured using a down-hole Prompt Fission Neutron probe. This gives more reliable uranium grades than the gamma-ray probes normally used for measuring grades of mineralised intersections in this type of sandstone-hosted uranium deposit. Southern Cross also completed airborne electromagnetic survey and ground gravity surveys over the Billeroo region and defined the extent of the Billeroo palaeochannel. A program of 117 holes was completed to evaluate the resources at the Goulds Dam prospect (75 km NW of Honeymoon), which is within the palaeochannel. Updated resource estimates are expected in 2005. 67 Minotaur Resources continued exploration drilling at the Prominent Hill Cu-Au-U deposit, approximately 150 km northwest of Olympic Dam. The geological setting and style of mineralisation are broadly similar to the Olympic Dam deposit, however, the average uranium grades of drill intersections at Prominent Hill are 100 ppm U, much lower than for Olympic Dam, which averages 400–500 ppm U. Production Australia’s uranium production for 2004 came from its three mines: Ranger open cut (5 138 t U 3 O 8 ), Olympic Dam underground (4370 t U 3 O 8 ) and Beverley in situ leach (1084 t U 3 O 8 ), a record level of total production – 10,592 t U 3 O 8 (8982 t U), 19% higher than for 2003. Australia, with approximately
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