Eclipse Metals to divest Northern Territory uranium projects
The structure of the deal will allow Eclipse to focus on its mineral prospecting efforts in Greenland while retaining exposure in the Northern Territory.
Company
ASX:EMP
Emperor Energy Ltd (ASX:EMP) is a diversified energy company with upstream and downstream assets in Australia. The company’s flagship 100% owned Judith Gas Field is within the VIC/P47 Permit in the offshore Gippsland Basin, Victoria and is next to the BHP/ExxonMobil Kipper field. The completion of pre-front end engineering design (pre-FEED) for the provision of midstream infrastructure and services related to gas to be produced from Judith Gas Field has provided a clear understanding of the project design, management, time frame and costs involved in bringing the gas from Judith into the lucrative East Coast gas market.
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The structure of the deal will allow Eclipse to focus on its mineral prospecting efforts in Greenland while retaining exposure in the Northern Territory.
The identification of scarce heavy rare earth elements has cemented the conclusion of the uniqueness and polymetallic nature of the Ivittuut pit precinct.
The company is exploring the potential to re-establish a port facility at the land-backed wharf – a jumping-off point for future exports of quartz, cryolite and fluorite mineralisation through redeveloping the historical Ivittuut pit in sou
Eclipse Metals has identified high-grade polymetallic rare earth mineralisation at the Ivittuut Project in Greenland, returning results of 536.30 ppm total rare earth elements (REE), 3.54% tin and 3,680 ppm tungsten.
Eclipse has identified the potential for untapped rare earth, high-grade quartz, cryolite, siderite, sphalerite and carbonate material at the company’s Ivittuut Project in Greenland.
The historic drill-core analyses are a step forward to enhance understanding of Ivittuut’s quartz, cryolite and siderite mineralisation and potential for the Gronnedal-Ika carbonatite complex to host rare earth minerals.
“The year ahead looks to be busy and productive as we continue to evaluate and uncover the potential of Ivittuut and create a path for its development, as well as our projects in Australia,” says executive chair.
Funds of up to $382,791 raised from the pro-rata non-renounceable entitlement issue of options will be used for working capital.
The Ivittuut Project’s Gronnedal-lka carbonatite complex is recognised as one of the prime rare earth elements targets in Greenland.
The approved work program will include field assessment, general inspection and sampling with this work paving the way for further test-work to facilitate calculation of a JORC-compliant mineral resource estimate.
This follows encouraging results from a seismic data survey, allowing Emperor to build an updated and more accurate structural interpretation of the Judith Gas Field.
Securities will remain halted until Friday, June 18, or when an announcement is released to the market.
The new seismic data significantly increases quality and resolution, and allow the company to build an updated and more accurate structural interpretation of the Judith Gas Field.
The interpretation of data from a previous airborne geophysical survey has highlighted several untested high-priority drill targets with geophysical signatures similar to other uranium deposits in the prospective Ngalia Basin.
The government has confirmed a four-year extension to the mineral exploration licence as well as heavily reduced minimum expenditure commitments for the first year of tenure.
The completed pre-FEED from APA Group is premised on Judith dynamic modelling delivering 80 million standard cubic feet per day of sales gas across 25 years with four vertical production wells used at the start and an additional well introd
Greenland’s IA party has a strong environmental platform that is well-aligned with Eclipse Metals' environmental initiatives.
Historical drilling results demonstrate the presence of wide copper-zinc-silver mineralisation within the Mt Hardy and Yuendumu areas of the Arunta Complex.
The data, from global seismic company CGG, will greatly improve the seismic imagery at the site, which will de-risk the Greater Judith Structure.
The pre-front end engineering design has been completed by APA Group for the provision of midstream infrastructure and services related to the Judith Gas Field in Victoria.