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Exploration company, Eclipse Metals Limited (ASX:EPM) declared, encouraging outcomes from the concluded gravimetric survey which started in late 2018 and covered its 85 km granted tenement EL 24808, in the Ngalia Basin in central Northern Territory.
Earlier, on 11 January 2019, the company had announced about the positive development on the gravimetric survey, over the 85 km granted tenement EL24808, from which progressive results were being reviewed. Almost 1300 gravity stations were recorded, on the first 400 m x 100 m grid. An area of interest, with a size of 6 km x 2 km, was infilled to 200 m x 100 m spacing. EPM obtained processed imagery for the data, which highlighted features being consistent, with paleochannels under its tenure.
The survey was conducted to recognize targets for uranium mineralisation, comprising of possible paleochannels, along with the northern side of the Ngalia Basin in closeness to identified uranium and vanadium mineralisation, within Bigrlyi Project, held by Energy Metals Limited.
Encouraged by the progress on tenement EL24808, EPM had further applied for four fresh exploration licenses (ELAâs 32077- 080), over the northern-central half of the Ngalia Basin, where, explorers had outlined 400km of Tertiary-age paleochannel system, and discovered anomalous uranium values, while drilling a 15 km long segment of channel at the Afghan Swan Prospect.
The new applications are contiguous with four prior application (EL31499-502) from February 2017 by the EPM, covering the southern half portion of the Ngalia Basin. At present, EPM holds a dominant exploration position over the uranium-rich, and underexplored central part of the Ngalia Basin, with under 7300 sq km under application at its Ngalia Project, furthermore, to already granted tenement EL24808.
Ngalia Basin Uranium Potential
Australiaâs sandstone -held uranium deposits take place in sedimentary basins of Carboniferous, Cretaceous and Tertiary age. These basins comprise of Australiaâs biggest and highest uranium deposits. Australia is extremely prospective for the discovery of new paleochannel held uranium deposits, with geophysical surveys of great help in continuing to outline paleochannel systems. Such systems may host leachable uranium, in basins draining uranium-rich source rocks like Ngalia Basin. Many notable uranium deposits had already been outlined in Ngalia Basin.
The company released its quarterly report ending December 2018 on 31 January 2019. During the quarter, the Net cash from operating activities stood at -A$100k, and the Cash and cash equivalents at the end of the period stood at A$481k.
On 7 December 2018, EPM announced, that it had obtained a notification from Rio Tinto Exploration Pty Ltd, that the Condition Satisfaction Period as defined, in the Liverpool Project Farm-In, and Joint Venture Agreement among North Minerals Pty Ltd, Eclipse and Rio had reached to its expiration.
The Condition Precedents were not fulfilled by Rio, and consequently, pursuant to Clause 2.3(a) (i), the Agreement had automatically ended.
Both Rio and Eclipse would operate for an orderly transition of the continuing rights, and obligations under the Agreement to the satisfaction of both parties, and Eclipse would continue to keep the market updated accordingly.
The stock of the company is currently trading at A$0.003 (as at 3:25 pm, 7 March 2019), up by 50% from its previous close. EPM has a market capitalization of A$2.3 million, with circa 1.15 billion shares outstanding. Its 52-week high was noted at A$0.013, and the 52-week low was noted at A$0.002.
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