Remarkable! Eclipse Secures Negotiations for Tenements Adjacent to Devil’s Elbow U-Au-Pd Prospect

  • Jul 30, 2020 AEST
  • Team Kalkine
Remarkable! Eclipse Secures Negotiations for Tenements Adjacent to Devil’s Elbow U-Au-Pd Prospect

Summary

  • Traditional owners have granted consent to negotiate Eclipse Metals’ access to ELA 31065 and ELA 31770, expanding exploration & mining in the Liverpool Uranium Project area, highly prospective for uranium, gold and palladium.
  • Following granting of the additional exploration licences, Eclipse to hold 488.5km of uranium prospective ground within ARUF and commence exploration post receiving required approvals.
  • Eclipse conducted maiden onsite reconnaissance program at Devil’s Elbow, with the results awaited.

Eclipse Metals Limited (ASX:EPM), a multi-commodity mineralisation focused explorer, has announced positive outcomes from a Native Title Meeting concerning access to two new tenements in the Liverpool Uranium Project area in the Northern Territory.

The traditional landowners have agreed to negotiate the grant of exploration licence applications, ELA 31065 and ELA 31770, for U-Au-Pd exploration and mining activities. The two tenements share boundaries with the Company’s Devil’s Elbow U-Au-Pd Prospect (EL 27584) to the north, east and south.

Source: EPM ASX Update

Eclipse Expanding Exploration Ground at Liverpool Uranium Project

On 21 July 2020, Eclipse met the traditional landowners via the Northern Land Council (NLC), the legal representatives, at Oenpelli, seeking approval for the exploration licence applications.

The consent for negotiations from traditional owners is critical, facilitating an exploration agreement to be drafted. The NLC will put forward all the terms and conditions of the exploration agreement to the traditional owners during an on-country meeting, provided the parties agree on the final agreement terms. 

Upon granting of the tenements, Eclipse will hold a 488.5km area of prospective uranium ground within the Arnhem Land in the Alligator Rivers Uranium Field. The Company will also commence exploration activities upon receiving the approval from the Northern Territory Department of Mines & Energy.

Eclipse focuses on numerous unexplored uranium anomalies with high-grade uranium mineralisation within the tenement application areas in the vicinity of the world-scale uranium deposits.

The Liverpool Uranium Project is located almost 285km from Darwin, with uranium mineralisation within the world-renowned Alligator Rivers Uranium Field, which hosts the Ranger, Nabarlek and Jabiluka uranium mining operations. The project area is almost 85km from Jabiru Township and can be accessed only by helicopter.

Alligator Rivers Uranium Field contributes to almost 96% of the historic uranium production and 95% of the known mineral resources in the Northern Territory. The uranium tenements are 41km southeast of the world-class Nabarlek Uranium Mine, which produced 12,000 tonnes of uranium oxide from over 568,402 tonnes of ore with a grade of 1.95% U3O8.

Maiden Onsite Reconnaissance Program Over Devil’s Elbow

Eclipse also updated that it had conducted the maiden onsite reconnaissance program over the Devil’s Elbow U-Au-Pd prospect and the radiometric anomalies in the surrounding areas within the tenement EL27584. Further updates on the outcomes of the reconnaissance program will be published over the due course.

Devil’s Elbow U-Au-Pd prospect is part of as many as five tenements and applications within the Liverpool Project area, covering a total area of 1,463km2 in the Alligator Rivers Uranium Field (ARUF). The prolific mining district hosts trending uranium exploration grounds pursued by many including Rio Tinto (ASX:RIO), Cameco Australia, DevEx Resources and Vimy Resources Limited (ASX:VMY).

Stock Performance - EPM stock closed the day’s trade at AU$0.007 a share on 30 July 2020, with a market capitalisation of AU$9.9 million. The last three-month return of the stock was noted at 40%.

Good Read: Eclipse Strengthening Foothold Across Two Aces- Devil’s Elbow U-Au-Pd and Queensland Manganese Projects

 


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