13 Sep 2016
Eclipse Metals Ltd
(ASX:EPM) has agreed to a joint venture and farm-in with an as yet disclosed multi-national mining company over its Liverpool Uranium Project in the Alligator Rivers uranium field in Northern Territory.
The agreement is subject to a 30-day due diligence and will enable Eclipse to expedite exploration activities at the Project, amidst difficult conditions in the global uranium market.
The project area comprises 1405 square kilometres and is in the vicinity of majors such as Rio Tinto Ltd
(ASX:RIO) and Cameco (NYSE:CCJ) Australia.
Negotiations for a farm-in and JV agreement had been underway for a few months.
The Devil’s Elbow uranium-gold-palladium prospect, within the Liverpool tenement area, is highly prospective, having produced rock chips grading up to 7,620 ppm uranium and radioactive volcanic boulder samples reading values as high as 33,000 ppm uranium.
Eclipse had been conducting a review of historical data for Devil’s Elbow and its adjoining tenements and planning for exploration.
Eclipse has a total portfolio of over 24,000 square kilometres in 42 exploration areas in the Northern Territory and Queensland, covering uranium, gold and manganese projects.
The company raised $260,000 in February and March 2016, through further placements of shortfall shares from its last rights issue.
Eclipse shares have gained 125% since June 12, 2015.
Reported from Proactive Investors
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