Atom is seeking to raise up to $10,000,000 with the issue of up to 33,333,334new Shares at an Offer Price of 30 cents per Share. The minimum subscription required is $8,000,000.
The Company plans initially to advance its Cleo’s Uranium Project by establishing JORC compliant resources for the Twin and Dam prospects whilst concurrently working to extend the Cleo’s Uranium Project through extensive drilling activity.
Cleo’s Uranium Project
The Twin and Dam uranium deposits were discovered in the mid 1980s by Total Mining Australia Pty Ltd.
A total of 15,369 metres of drilling was completed in 367 holes and included 682 metres of auger drilling, 13,569 metres of percussion drilling and 1,118 metres of diamond drilling. The two deposits are estimated to contain a combined historical resource (classed as pre-resource mineralisation at this time) of 740 tonnes of uranium oxide at an average grade of 0.12% U3O8. Potential for addition mineralisation is evident with limited drilling on the very strong 300 metres long radiometric anomaly at the Cleo’s Prospect intersecting 4 metres at 0.125% U3O8 from 59.10 metres to 63.10 metres, including 1.2 metres at 0.248% U3O8 from 60.40 metres. Atom Energy initially aims to delineate 10,000 tonnes of U.
Munadgee Creek Uranium Project
Uranium grades estimated at 0.75% U3O8 occur at the surface, and a 1.2 metre sample from a crosscut at a depth of 40 metres in one of the two shallow shafts sunk on the structure returned a value of 0.82% U3O8.