ADELAIDE: Orpheus Uranium Limited (ASX: ORP) has agreed to acquire the Oobagooma Uranium Project in Western Australia’s Canning Basin, the company announced Tuesday. The project was purchased from Jackson Cage Pty Ltd, a wholly owned subsidiary of Elevate Uranium Ltd (ASX: EL8).
The Oobagooma Project covers 271 square kilometers and is located in the West Kimberley region. It hosts historical uranium mineralization with evidence of high-grade intersections, including results such as 2.2 meters at 3,581 parts per million of uranium oxide (eU₃O₈).
Orpheus Managing Director Clinton Dubieniecki said the acquisition supports the company’s strategy to build a balanced portfolio of uranium assets across Australia.
“The Oobagooma Project complements our existing assets and offers Orpheus the opportunity to add value through systematic exploration of a known uranium target,” Dubieniecki said.
The project has seen no modern exploration since the early 1980s, when 373 drill holes were completed by the Australian French Mining & Exploration Company. Recent reinterpretation of historical data suggests the presence of at least four stacked roll-front uranium deposits extending over a 9-kilometer strike length.
Orpheus plans to validate historical data and conduct new drilling to test the potential of the deposit. The company will also work to secure access agreements with stakeholders, including the Commonwealth of Australia, as the project is located within the Yampi Sound Defence Training Area.
The acquisition is subject to standard conditions, including ministerial consent and shareholder approval. Consideration includes cash payments and the issuance of Orpheus shares, with additional milestone shares tied to future exploration achievements.
Orpheus Uranium Limited is an ASX-listed exploration company focused on uranium projects in South Australia, the Northern Territory, and Western Australia.