Orpheus Uranium Limited (ASX: ORP) has announced the acquisition of the Oobagooma Uranium Project in Western Australia from Jackson Cage Pty Ltd, a subsidiary of Elevate Uranium Ltd (ASX: EL8). Orpheus Uranium Limited is an Australian Securities Exchange listed exploration company exploring for uranium in South Australia and the Northern Territory, both jurisdictions which allow uranium mining and processing, and extending to Western Australia with the Oobagooma acquisition, a state that contains known uranium deposits. The Oobagooma Project, situated in the West Kimberley region within the Canning Basin, is known for its sedimentary-style roll-front mineralisation and covers an area of 271 square kilometres.
The acquisition aligns with Orpheus’ strategy of consolidating underexplored assets within proven uranium districts, leveraging the company’s expertise to unlock value through modern exploration techniques. Historical drilling at the Oobagooma Project has shown evidence of significant uranium mineralisation, with highlights including 2.2 metres at 3,581 ppm eU3O8 and 2.7 metres at 2,046 ppm eU3O8. Geological modelling suggests at least four prospective roll fronts extending along a 9km strike length.
Under the terms of the Oobagooma Sale Agreement, Orpheus will pay $175,000 in cash and issue 20,000,000 fully paid Orpheus shares to Elevate Uranium upon completion. Further milestone payments in Orpheus shares are contingent on the company gaining the necessary consents to undertake exploration activities and completing a drill program of at least 2,400 metres within five years. The acquisition is subject to standard conditions precedent, including ministerial consent, shareholder approval, and agreements with Paladin Energy Limited and Orano Mining regarding royalty arrangements.
Mr Clinton Dubieniecki, Managing Director of Orpheus, stated that the acquisition is an important part of the company’s strategy to create a balanced portfolio of uranium assets. He further commented on the opportunity to add value through systematic exploration, given the limited modern exploration techniques applied to the project to date. Orpheus will engage with stakeholders to gain on-ground access and complete heritage and environmental studies, positioning the project strategically as the policy landscape evolves.
