Eclipse Metals - ASX: EPM

Eclipse Metals Limited (Stock Symbol – ASX: EPM) is a multi-commodity minerals exploration company with prospects in Australia.

The company explores for uranium, gold, manganese, vanadium, palladium, platinum, iron, and precious metals.

It holds a portfolio of approximately 8,044 square kilometers over 19 mineral tenements and applications in the Northern Territory and Queensland.

The company has an exploration tenement covering it’s Devil’s Elbow uranium / gold / palladium property in the Northern Territory. The license was awarded in 2020 to it’s 100% owned subsidiary North Minerals Pty Ltd by the Department of Primary Industry and Resources.

In July 2020, an initial helicopter reconnaissance was conducted to assess the logistics requirements and access to the project site. Given the increased interest in the price of uranium, further exploration activites at the Devil’s Elbow property should be forthcoming.

The exploration program will focus on the areas surrounding the Devil’s Elbow, Terrace and Ferricrete uranium projects, targeting the priority areas defined by historical radiometric and geochemical anomalies within the license and comparatively unexplored space south of the Ranger Fault.

The cleaning and assessment of geophysical data of the tenement and the surrounding areas are underway to have a better understanding of the structural, geophysical and geological context of the high-grade uranium, gold and palladium mineralized assays.

So far, the results are in favour of the Devil’s Elbow prospects, enabling Eclipse Metals to define and prioritize 17 drill targets zones on the basis of the integrated geophysical products.

The Devil’s Elbow prospects display strong similarities with the iconic Jabiluka uranium and gold mine, which was discovered in 1971 following-up on a low order anomaly from the ground radiometric survey. The uranium and gold mineralisation occurs within the alterations of the Cahill formations, in proximity to reverse faulting structures displaying strong similarities to the Devil’s Elbow prospect.

Historical shallow trench samples confirmed the presence of high-grade uranium, gold and palladium mineralisation including 3.7% U₃O₈, 3.2% U₃O₈, 5.8% U₃O₈ and 4.40% U₃O₈ with 38.1g/t Au and 28.02g/t Pd.

Eclipse Metals has identified several new, untested targets in the anomalous structural zones to the south of the Ranger Fault based on the collated exploration results.

Eclipse Metals seeks drill rigs for conducting an initial reconnaissance drilling campaign at the Cusack’s Bore and Ngalia North tenements in the Ngalia Basin.

The drilling campaign will target the uranium/vanadium bearing paleochannels from the 2019 geophysical gravity survey at the licence EL24808. The Ngalia Basin hosts high-grade vanadium deposits including Bigrlyi, Capper and Napperby Project.

Currently, Eclipse Metals is preparing a submission to the NT Department of Primary Industry and Resources and the Central Land Council to grant the tenements Eclipse and Yuendi.

Upon review of the submission, the council would consult the Traditional Landowners to consider assistance with initial meetings by Eclipse Metals to commence negotiations. The tenement application for ELAs 32077, 32078, 32079, 32499, 32500, 32501 and 32502 are advancing via normal channels.

Historical exploration at the tenement application Yuendi has indicated the presence of anomalous base metal grades in the Rock Hill Copper Field, which includes historical mining centres and polymetallic veins. Over 10 copper prospects at the Yuendi tenement remain relatively unexplored. The copper deposits in the Mt Hardy Mineral Field were discovered in 1935 where the quartz reefs and pegmatite-aplite veins were reported within the Lower Proterozoic schist.

Once these licence applications are granted, planning for extensive exploration programs including geological mapping, geophysical surveys, sampling and drilling program will commence.

The company was formerly known as Eclipse Uranium Limited and changed its name to Eclipse Metals Limited in June 2012.

Eclipse Metals Limited was incorporated in 2010 and is based in West Perth, Australia.

Contact:

Eclipse Metals Limited

1060 Hay Street
Level 3
West Perth, WA 6005
Australia
61 8 9480 0420

www.eclipsemetals.com.au

Eclipse Metals Limited Stock Performance & Market Cap

Stock Symbols – ASX: EPM

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