Northern Territory explorer NuPower Resources (Asx: NUP) has reported that the formal Joint Venture arrangements with Lagoon Creek Resources Pty Ltd (LCR ) for the ongoing exploration of the Lagoon Creek Tenement EL 23573 has commenced, following the completion of the earn in period.
Lagoon Creek is located in the Westmoreland region of the Northern Territory. LCR is a wholly owned subsidiary of Canadian listed Laramide Resources Limited (TSE:LAM).
LCR earned its 50% interest in the tenement through sole funding exploration expenditure totalling $3 million over preceding field seasons and have been appointed Joint Venture managers.
At the initial Joint Venture meeting, NUP and LCR finalised an exploration program for 2010 which included a drilling program comprising 200 hundred meters of diamond core drilling.
Mick Muir, NuPower's executive chairman, said "we are pleased to commence the Joint Venture activities on the Lagoon Creek tenement. This program will also provide additional regional knowledge of the Westmoreland region."
"Given the close proximity of the Lagoon Creek tenement to NUP's wholly owned Cobar II mining lease, this program provides an opportunity to leverage the company's planned exploration activities on Cobar II off this program.
"We are hopeful of being able to make further definitive announcements on Cobar II exploration shortly," he added.
The drill program is designed to test whether uranium mineralisation occurs on or near the Seigal Volcanics/Westmoreland Conglomerate contact and a NE trending structure.
This target is analogous to the location of known mineralisation at the nearby NE Westmoreland prospect on the tenement and NuPower sCobar II prospect.
NuPower Resources has 271,458,483 shares on issue and a market capitalisation of $12.4 million.