Rum Jungle Uranium Ltd (RJU) is a junior uranium explorer, purely focused on highly prospective land located in Australia's Northern Territory.
RJU has 100% owned exploration licenses at project areas including Alice Springs, Tennant Creek, Rum Jungle, Mount Bundey and Woolner. RJU also has joint venture exploration agreements with Uranium West (Rum Jungle and Tennant Creek), GBS Gold (Mount Bundey), Deep Yellow (Alice Springs) and Territory Resources (Mount Bundey).
The head office is located in Darwin, with all senior personnel being Darwin-based.
Rum Jungle Uranium Ltd was listed on the ASX on the 27th November 2007 with the intention of exploring for uranium deposits focused entirely within the Northern Territory of Australia.
The Company chose to explore for uranium in the Northern Territory because of the large uranium resources previously identified and currently mined and the pro-uranium stance of the Northern Territory Government.
At the Mount Bundey project, uranium joint ventures were signed with GBS Gold Australia and Territory Resources Ltd. Due to the polymetallic nature of mineralisation in the area, the Territory Resources uranium agreement was upgraded on 22 December 2008 to allow RJU to explore for and possibly mine all non ferrous metals.
In the Tennant Creek area, the company is exploring for uranium, copper, gold and bismuth, all of which were mined during the past from the Tennant Creek IOCG deposits. RJU also believes uranium may be present in the Tennant Creek orebodies and is exploring for both IOCGU and unconformity type uranium deposits.
RJU has recently applied for six exploration licences to explore for potash in the Amadeus Basin. Research indicates possible potash mineralisation in the Chandler Formation, based on drill logs and seismic sections from previous petroleum exploration. RJU believes the Amadeus Basin to be a potential host for potash deposits similar to those mined in the Western Canada Sedimentary Basin in Sakatchewan, Canada.
The Company is actively pursuing further joint venture agreements early in 2009 to build its tenement portfolio.
RJU’s lease holdings are situated on the Woolner Dome, the third Archean aged granite structure in the Territory. It has geology similar to those that host the Ranger and Rum Jungle uranium deposits in the Pine Creek area where recent exploration by other companies has led to the discovery of high grade uranium mineralisation, and the Alice Springs area near known uranium deposits.
RJU has advanced exploration on the leases and is involved in an active program.
Wasabi holds 44 million shares in Rum Jungle Uranium representing 35% of the capital. The Wasabi directors view uranium as a clean source of energy in view of the general concern about carbon emissions and their effect on world climate.
The investment in Rum Jungle is a speculative one but should be viewed against the company’s strategic lease holdings in the Northern Territory and the expertise and experience of its management.
www.rumjungleuranium.com.au