Wildhorse granted Hungarian prospecting licence

West Perth-based uranium company WildHorse Energy Ltd has added to its Hungarian asset portfolio, being granted a prospecting licence for some 177 sqkm of land close to the company's existing projects.

The full text of a company announcement is pasted below

WildHorse Energy Ltd is pleased to advise that it has identified and been granted a prospecting licence for a new project at Máriakéménd to add to its uranium portfolio in southern Hungary, close to the company's existing projects in the Pécs region. The new project is located approximately 15 kilometres to the southeast of Pécs and covers some 177 square kilometres.

The Máriakéménd Project is interpreted as an extension of the geology of the Western Mecsek Mountains, which hosts the Pécs project, a region with a history of large-scale uranium mining close to Pécs.

WildHorse Managing Director Mr Richard Pearce said that the new project offers the potential to identify a resource of similar scale to the original project at Pecs.

"Although it is a longer term proposition, combined with the company's other assets in Hungary and the United States, it means that we now have a very attractive pipeline of opportunities, from near term production potential through advanced exploration," he said.

Mr Pearce said that previous data on Máriakéménd from regional drilling undertaken in the 1980s was still available. In addition, many of the experts who conducted the regional drilling program are now working with WildHorse.

"Because of this, WildHorse's exploration activity can be readily continued, applying the experience and methods developed for the Pécs ore deposit and for other, analogue deposits worldwide."

WildHorse will submit a "technical operations plan" for this new prospect to the Mining Bureau within six months setting out its proposed program of work for approval.

In the Pécs region, WildHorse has accumulated a total ground holding of 420 square kilometres (103,533 acres), across its four uranium projects.