Company Overview
WildHorse Energy is an international uranium development company established in 2005 to explore and develop world-class uranium assets in countries that are pro-mine development, experiencing growing demand for supplies of uranium, or are ideally placed to supply this important resource to the world market.
In 2008 the Company entered into a Co-operation Agreement with Mecsek-Oko and Mecsékerc with the aim of restarting uranium mining in the Mecsek Hills, in Southern Hungary. The Mecsek Hills area is historically a major uranium producing centre in the Western Mecsek Mountains. Cumulative production from the former uranium mine was approximately 46 million pounds of uranium metal (20,900 tonnes), prior to its closure in 1997. When mining ceased, significant areas of uranium minerals remained unmined.
The Mecsek Hills comprise Wildhorse’s Pécs project area, and the area of the former uranium mine (mining concessions) containing extensive unmined material which adjoins the western boudary of the Pécs permit. Combined, this area exceeds 72 km2 (18,000 acres) of highly prospective ground with potential for significant expansion beyond Wildhorse’s existing JORC Inferred Resources of 17MT at 0.08% U3O8 for 30Mlbs of U3O8 on the Pécs project. The current exploration target[i] for the total Mecsek Hills project area is 90 to 120mlbs of contained U3O8 with a grade range of 0.08-0.12%.
The zones to the west held by Mecsek Oko are shallower, and offer potential access through uranium bearing sandstones on the concessions into Wildhorse’s existing area of JORC resources. These uranium bearing sandstones underlay the entire Mecsek Hills project area.
Peak’s coal assets are located in close proximity to Widhorse’s Pécs Uranium Project, in the Mecsek region of Southern Hungary.
The acquisition of Peak complements Wildhorse’s substantial existing uranium projects in Hungary and provides operational synergies for its growth strategy in the European energy sector by broadening its energy asset base and management expertise. Peak’s coal project will add significant upside growth potential for Wildhorse, as well as increasing the diversity of its energy projects in Hungary.
Considerable drilling, exploration and mining activities in relation to coal have historically been undertaken in the Mecsek region. Resource evaluation of historical data on the Peak project areas by independent geologists (CSA Global Pty Ltd) has resulted in an exploration target of 1 – 1.25 billion tonnes of coal. It is expected that following confirmatory drilling a resource estimate can be reported in accordance with the JORC Code.
Peak holds both coal and coal bed methane (CBM) exploration rights to 306km² of the Mecsek coal formation.