The interpretation of data from a previous airborne geophysical survey has highlighted several untested high-priority drill targets with geophysical signatures similar to other uranium deposits in the prospective Ngalia Basin.
Eclipse Metals Ltd’s (ASX:EPM) ongoing evaluation and desktop review of historic exploration at tenement ELA31501 in Ngalia Basin of the Northern Territory has identified shallow uranium-vanadium-strontium mineralisation in RAB drilling results.
The mineralised envelopes of uranium-vanadium-strontium results from the Mt Wedge Station and Rabbit Bore areas include 0.5 metres at 960 parts per million (ppm) uranium and 570 ppm strontium from 1-metre and 1-metre at 110 ppm vanadium and 4.8% strontium from 2 metres.
Best intersections include:
1.5 metres at 110 ppm vanadium and 4.14% strontium from 8.5 metres;
1-metre at 1.93% strontium from 2.5 metres;
1-metre at 120 ppm vanadium and 4.80% strontium from 2 metres;
1-metre at 230 ppm uranium and 0.23% strontium from 4 metres;
1-metre at 110 ppm uranium and 0.25% strontium from 2 metres;
1-metre at 200 ppm uranium and 0.11% strontium from 1-metre;
1-metre at 310 ppm uranium and 0.11% strontium from 1-metre;
0.5-metre at 960 ppm uranium and 570 ppm strontium from 1-metre; and
Surface sample of 0.13% uranium and 0.54% strontium.
Uranium portfolio advantage
The ELA31501 tenement has an area of about 790 square kilometres proximal to Energy Metals Ltd’s (ASX:EME) (FRA:E9M) Cappers uranium deposit (3,200 tonnes at 145 ppm uranium) about 3.7 kilometres from the eastern boundary of the exploration licence and the Malawiri uranium deposit about 6.6 kilometres northeast.
Eclipse executive chairman Carl Popal said: “Eclipse holds around 9,020 square kilometres of quality uranium exploration interests in the Northern Territory proximal to known uranium deposits.
“Results from historical exploration highlights the diverse nature of the Eclipse Metals mineral exploration assets in tune with the growing demand for green energy.
“Eclipse is well-positioned to take advantage of the evolving uranium sector with its diverse Australian portfolio of mineral interests and, in particular, the company’s extensive uranium portfolio in the NT, including the Devil’s Elbow and Cusack Bore.”
Shares have been as much as 15% higher intra-day to 2.3 cents.
Exploration upside
In the Wallaby Bore/Rabbit Hole Bore area the anomalies located above the water table occur in two distinct lithofacies:
Calcrete along the main drainage channel where carnotite was visible in drill cuttings; and
Surficial porous clay-sand topsoil with high uranium assays.
Based on available interpreted radiometric data, Eclipse has delineated seven radiometric target areas that remain untested at depth, which represent significant exploration upside for deeper mineralisation.
The previous exploration drilling was shallow with an average depth of 8.3 metres and a maximum depth of 16 metres.
Forward strategy
The size of the untested mineralised zone is very extensive with excellent potential to delineate further mineralisation through shallow drilling.
Eclipse has reviewed the reprocessing details and re-interpretation of all available geophysical data, targeting particularly radiometric anomalies to complete further RAB drilling of the strongly mineralised zone and infill drilling of the western and central portion of the exploration licence area.
In addition, the company is progressing with negotiations through the Central Land Council to facilitate an exploration agreement with the Traditional Owners to commence exploration within the licensed area ELA31501.
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