Eclipse Metals (ASX:EPM) has identified a number of uranium targets across its Ngalia Basin ground in the Northern Territory from historical geophysical surveys.
Two granted uranium exploration licences in the Ngalia Basin feature drill-ready targets, according to Eclipse.
Historical exploration at these tenements show similar geological settings to the Afghan Swan and adjacent prospects Y-66 and Y-206, with anomalous uranium values being identified along a 15km-long paleochannel.
Eclipse Metals, which has a market capitalisation of $13.51 million, says it is well positioned to take advantage of its systematic geophysical exploration data analysis across the licences.
The company is preparing to explore the paleochannel features and structural zones uncovered within the tenements. A multi-branch paleochannel gravity feature within EL24808 is considered “significant” as it demonstrates potential for uranium mineralisation.
Historical geophysical surveys have also identified some clear drill targets, which Eclipse Metals says paves the way for advanced exploration and resource delineation.
Meanwhile, historical data within an exploration licence application (ELA31501) indicates shows envelopes of uranium-vanadium-strontium mineralisation including 0.5m @ 960 parts per million (ppm) uranium and 570ppm strontium from 1m, and 1m @ 110ppm vanadium and 4.8% strontium from 2m.
The company says it retains strategic flexibility to engage in joint ventures or farm-in agreements with major industry players, ensuring a path forward for rapid development.
Eclipse Metals also owns the Liverpool Tenement Group in the Northern Territory.
At the Devil’s Elbow prospect, uranium assays have recorded up to 5.8% coupled with up to 38.1 grams per tonne (g/t) gold and 28g/t palladium.
Eclipse Metals notes that these results suggest the prospect could host multi-metal deposits that are valuable in today’s market. The uranium and gold mineralisation occur in an altered member of the Cahill Formation, proximal to reverse faulting structures, similar to the Narbalek deposit.
Geophysical, structural, and geological context of the assays for Devil’s Elbow has facilitated the definition and ranking of 17 drill target zones, based on integration and re-analysis of historical geophysical products generated.
Eclipse Metals holds 11 exploration licences covering 7,527km2 in central Australia, Northern Territory.
Eclipse Metals is an Australian explorer focused on discoveries within Australia prospective for cryolite, fluorite, siderite, quartz, rare earths, gold, platinum group elements, manganese, palladium, vanadium, and uranium.
Write to Aaliyah Rogan at Mining.com.au
Images: Eclipse Metals
