- Eclipse Metals is set to commence a preliminary field exploration program on Devil’s Elbow U-Au-Pd Project in the upcoming week beginning on 20 July 2020.
- Being the first geological and exploration program over the project since 2007, Eclipse is excited to pursue historical anomalies and regional prospects around previously drilled holes.
- Exploration Licence, EL27584 at the project was secured in June 2020, expected to substantially enhance value of the Devil’s Elbow project.
- Meetings arranged with the Northern Land Council and traditional landowners to negotiate granting of adjoining tenements, ELA31065 and ELA31770.
On 16 July, Eclipse Metals Limited (ASX:EPM) announced that the Australian explorer will commence an on-site exploration program at the Devil’s Elbow U-Au-Pd Project in the upcoming week beginning on 20 July 2020. The project is located in the Northern Territory (NT), which is due to open to visitors from other regions from 17 July 2020. The ground exploration for the 2020 season includes the first geological assessment of the project since 2007.
EPM has an impressive portfolio of assets prospective for gold, manganese, uranium and base metal mineralisation, with the Company’s focus on exploring the tier 1 mining jurisdictions of Northern Territory and Queensland.
To know more about the Company’s key projects, do read Eclipse Strengthening Foothold Across Two Aces- Devil’s Elbow U-Au-Pd and Queensland Manganese Projects
Devil’s Elbow, The Premier Uranium Project in ARUP
The Company’s flagship Devil’s Elbow U-Au-Pd Project lies within the fecund, world-renowned Alligator Rivers Uranium Province (ARUP), accounting for ~96% of the historic uranium production and 95% of the known uranium resources of the entire NT region. The project is located almost 65 kilometres from Rio Tinto’s (ASX:RIO) Ranger Uranium Mine, the largest uranium mining operations south of equator.
Eclipse intends to proceed towards the field exploration program following the recent granting of EL27584 tenement at the Devil’s Elbow project. The Devil’s Elbow prospect holds strong similarities with the historical Jabiluka Uranium Gold mine, which was discovered in 1971.
The Devil’s Elbow project area was discovered and initially explored by Uranerz Australia. Later, the project area was explored with primary focus on the north of the Ranger Fault between 2002 and 2009.
In April 2020, Eclipse acquired data from the historical airborne geological survey conducted by Cameco Australia and later archived by Cameco Canada. The geological and geophysical survey included the surrounding areas to the Devil’s Elbow prospect.
Current Activities Prepping Up for Drilling Program
An initial site visit has been planned to evaluate the requirements for logistics by the ground team and drilling contractors. The program seeks to identify, locate and resample sites showcasing historical high gold, palladium and uranium samples and radiometric anomalism.
Further, holes drilled in the past will be located and precise positions will be recorded for coordinating with the recently interpreted radiometric anomalies.
Moreover, meetings with the Northern Land Council (NLC) and traditional owners have been arranged to negotiate requirements and conditions for granting adjacent exploration licences, ELA31065 and ELA31770. The adjoining exploration tenement applications include substantial prospective ground with Ranger Fault and radiometric anomalies to the east and south-east from the project.
Eclipse is progressing on discussions with drilling contractors and helicopter support firms for the upcoming exploration drilling program during the dry season in the Northern Territory.
Stock Information – EPM stock traded at $ 0.007 a share on 16 July 2020, with a market capitalisation of $ 9.90 million. The last six-month return of the stock was noted at 40 per cent, while on a year to date basis, the stock has delivered a return of 75 per cent.
(All financial information pertains to Australian Currency, unless stated otherwise.)