Eclipse Metals' (ASX:EPM) Mary Valley EPM17672 has been renewed by the Queensland Department of Natural Resources and Mines for a further period of five years to 14 April 2020.
Pedro Kastellorizos, executive director, commented:
“The news from the Queensland Department of Natural Resources and Mines granting Eclipse Metals another 5 years of tenure is very positive as this allows the company to conduct further exploration for high grade, mineable manganese mineralisation in the Mary Valley Project."
At Mary Valley there are shallow exploration targets beneath and adjacent to historic workings.
The project comprises two tenements located 14 road kilometres southwest of Gympie in Queensland and about 165 rail kilometres from Brisbane.
These have historic production of over 31,000 tonnes of ore grading 42% to 51% manganese from mining operations carried out during the 1920’s and 1960’s.
Mary Valley EPM17672 license details
The renewal is granted in accordance with Operational policy 5/2012 - Work program and relinquishment conditions.
The renewal of EPM17672 provides the basis for the company to continue to progress exploration on the Mary Valley project tenements.
Historical Mine Dumps
The project has several historic mine dumps containing a mixture of mineralised rock and waste rock.
The three largest historical mine dumps containing a total of about 1350 square metres of rubble were sampled during the recently completed fieldwork.
Assays ranging from 0.55% to 42.31% manganese with a mean of 13.27% manganese were returned from a total of 35 samples.
Material from the waste dumps, along with mineralised rock from the workings, will be supplied to consultants for petrographic examination and petro-physical testing to determine the mineralogical and physical characteristics of the mineralisation and host rock.
This will be an important part of the company’s investigation to determine exploration methods and processing requirements of mineralisation which may be mined from the Amamoor workings.
These dumps will provide initial bulk samples and may constitute an initial source of saleable ore.
Share subscription agreement
Eclipse said that the share subscription agreement announced on 10 March 2015 has been terminated.
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