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Epsilon Energy generates uranium, iron ore project
15/04/2008 By: Niraj Shah

Epsilon Energy Limited (EPS) said it has generated a new 224 square kilometre exploration project located 110 kilometres south west of Karratha, in the Pilibara region of Western Australia. The project is considered prospective for uranium, magnetite and hematite iron ore deposits.
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Managing director Matt Gauci said the project represents a high level of prospectivity for two high value commodities located within the Pilbara.

“Given the favourable geological characteristics and geophysical responses, as well as easy access to water and power, the project represents an excellent upside exploration opportunity,” he said.

“Grant of the project, subsequent remote sensing surveys, field work and drilling, is expected in the second half of 2008.”

Epsilon said the project displayed an intensive radiometric anomaly and palaeochannel stratigraphy prospective for sandstone type roll-front uranium deposits.

The company said another stratigraphy included an extensive Banded Iron Formation (“BIF”) anomaly magnetite rich iron ore, and interpreted Brockman Formation prospective for Hematite iron ore.

To the north east of the tenement, Epsilon said the Balmoral resource hosts an estimated to 60 to 100 billion of tonnes of magnetite rich BIF iron ore, and that development of the Balmoral resource, infrastructure and proposed public access Port Facilities, was currently underway, by Australasian Resources Limited (ARH).

To the south east, Channel Iron Deposits of iron rich alluvium, the Robe conglomerate, are mined, particularly at Robe Mesa A and Robe Mesa J by the Rio Tinto Limited (RIO).