Eclipse Metals Ltd (ASX:EPM) has identified 17 walk-up drill targets in its 100% owned Devil’s Elbow Uranium-Gold-Palladium Project in Alligator Uranium Fields, Northern Territory.
Interpretation of the recently acquired geophysical survey data from Cameco Australia highlights several untested high priority drill targets with geophysical signatures similar to other world-class deposits in the Alligator Rivers Uranium Field (including Jabiluka, Ranger, Koongarra, Nabarlek).
Newly defined walk-up drill targets over the uranium radiometric anomaly image
Recently, Eclipse has focused on sourcing and filtering all available geophysical data over the tenement and surrounds in an effort to better understand the geophysical, structural and geological context of high-grade uranium, gold and palladium assays.
The results are a substantial leap forward for the Devil’s Elbow prospects and have enabled Eclipse to define and rank 17 drill target zones based on the integration of all geophysical products generated.
Airborne radiometric surveys are the most common technique used in uranium exploration and have successfully discovered many significant deposits in the Northern Territory and worldwide.
Gold and uranium prices rally
Recent supply shocks have caused USD uranium price to surge almost 29% since the start of 2020, rising from US$24.85 to $32 per pound.
Gold is on a similar trend, rising about 9% from US$1528 to US$1671 per ounce since the start of the year.
Eclipse executive chairman Carl Popal said: “Despite the restrictions of the pandemic, the team at Eclipse is progressing efforts to explore Devil’s Elbow based on encouraging results showing strong geophysical signatures similar to other world class deposits.
“Gold, uranium and palladium are commodities in high demand in the volatile global market economy and Eclipse is poised to move forward in developing exploration programs.
“Significant market-place firming in the price of uranium, gold and palladium provides further encouragement for exploration of the Devil’s Elbow and other company’s tenements in the Alligator Rivers Uranium Field.”
Greater understanding of potential controls
Popal added: “Insights from the geophysical interpretation has progressed the company’s ability to commence planning detailed ground exploration programs on the Devil’s Elbow prospects with considerably reducing exploration cost and shorter lead time.
“The supporting radiometric, magnetic and structural data has facilitated a greater understanding of the potential controls on uranium deposition and allows precise targeting for these areas.
“As we progress with the planning of exploration activities over Devil’s Elbow, we are further encouraged with the information we have obtained through this geophysical program.”