Olary Project (uranium)

Giralia holds rights to uranium on the Blue Rose-Olary tenements in South Australia. 

The Olary area is prospective for hard rock and roll front uranium deposits. The northern Olary tenement is located approximately equidistant (35 kilometres) from Pepinnini Minerals’ Limited Crocker Well uranium deposit and from the historic Radium Hill uranium mine. Crocker Well contains 12.4 million tonnes @ 0.05% U3O8 and was the subject of a recently announced MOU with Sinosteel Corporation of China valued in excess of $30 million for a 60% interest. The Olary Project contains similar type and age rock sequences to those at Crocker Well and Radium Hill.

Rock chip sampling during the December 2006 quarter defined a new zone of strong uranium results with high grade assays of 0.73% U3O8, 0.31% U3O8, 0.30%U3O8 and 0.29% U3O8 on the northern Olary Joint Venture tenement EL 2939. The new area sampled is 650 metres south (across a soil plain) from the Domenic prospect where previous rock chip sampling returned up to 2.2% U3O8.