Eclipse Metals defines drill ready targets at Devil’s Elbow as it looks to unlock uranium potential in NT
Last updated: 10:00 21 Oct 2024 AEDT, First published: 09:43 21 Oct 2024 AEDT
Eclipse Metals Ltd (ASX:EPM) continues its quest to unlock the uranium potential of its 16 uranium tenements within the Alligator Rivers Uranium Field and the Ngalia Basin in the Northern Territory — two of Australia’s most renowned uranium provinces.
Eclipse expects the growing role of nuclear energy in global decarbonisation efforts to enhance the strategic importance of uranium resources.
The company says it is well-positioned to capitalise on the rising demand for uranium as “nuclear power becomes a critical component of zero-emission energy solutions”.
Devil’s Elbow prospect
One of Eclipse’s key assets is the Devil’s Elbow prospect within the Liverpool Project, in the Alligator Rivers Province.
This prospect shows strong potential for uranium mineralisation, with the prospect’s structural framework mapped out for the first time to reveal key zones for potential uranium deposits.
The Alligator Rivers Uranium Field is one of Australia’s most prolific uranium-producing regions, known for its high-grade uranium prospects, including the Ranger and Nabarlek Uranium Mines.
Kakadu National Park boundary, the Liverpool Project and Devil’s Elbow prospect (in red).
The Devil’s Elbow prospect has seen considerable past exploration, with historical radiometric surveys and drilling confirming significant uranium anomalies. A geophysical and geological review has highlighted the potential for delineating uranium mineralisation at Devil’s Elbow.
High-grade surface assays point to the significant exploration potential of the tenure and include 5.8% uranium (U3O8) with 38.1 g/t gold and 28 g/t palladium at Devil’s Elbow.
Devil’s Elbow Project within the Liverpool Group of five tenements.
The company explains that the high-grade uranium results from past campaigns “reinforce the potential of this project to deliver substantial value to shareholders,” particularly in the current uranium bull market.
Eclipse has defined 17 drill-ready targets in this prospect based on robust geophysical surveys, defining immediate exploration potential.
These targets have radiometric signatures similar to known uranium deposits in the Alligator Rivers Uranium Field, highlighting the potential for further discoveries of uranium, gold, and platinum group elements (PGE).
Additionally, magnetic lows associated with radiometric anomalies suggest alteration halos indicative of uranium deposits, while the newly mapped structural framework reveals key zones for potential uranium deposition.
Walk-up drill target locations over the Uranium radiometric anomaly.
More on Eclipse MetalsEclipse Metals holds an impressive Australian portfolio of more than 8,000 square kilometres over 19 mineral tenements in the Northern Territory and Queensland in addition to its Ivigtût project in Greenland, the world’s largest historical cryolite mine with rare earth potential.
Eclipse has a multi-commodity portfolio prospective for manganese, uranium, gold, vanadium and precious metals in Australia and cryolite, high-purity quartz, fluorite, iron, zinc and REE potential in Greenland.
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