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  • Eclipse Metals grows Northern Territory uranium project

    Diversified explorer Eclipse Metals (NYSEMKT:EPM) has exercised its confidence in its Liverpool uranium project in the Northern Territory by extending its tenement coverage in the area ahead of a pending exploration drive.

    The new licence application for 228 square kilometres has been accepted by the NT Department of Mines, completing a contiguous block of exploration tenure for Eclipse and bringing the company's Liverpool holdings to 1,467 square kilometres.

    The expansion area - known as Devil's Elbow Central - is immediately east of Eclipse's highly prospective Devil's Elbow uranium-gold-palladium prospect, which has produced rock chips grading up to 7,620 ppm uranium and radioactive volcanic boulder samples reading values as high as 3,3000 ppm uranium.

    Previous shallow trenching at Devil's Elbow has yielded high-grade uranium assays including 3.2% U3O8, 3.7% U3O8, 4.40% U3O8 and 5.8% U3O8 as well as 38.1g/t gold and 28.02g/t palladium.

    This site is only 41 kilometres from the worked-out Nabarlek uranium mine which produced 12,000 tonnes of uranium oxide from 568,402 tonnes of ore with a grade of 1.95% U3O8.

    Eclipse has delineated two structural targets which could hold structurally controlled uranium mineralisation including the Hogs Back and Ranger fault zones with 11.2 kilometres of untested strike.

    In the southern portion of the tenement, there are strong untested radiometric anomalies with an area of 5 kilometres by 2 kilometres.

    Expansion of Liverpool follows quickly on a move by Eclipse earlier this month to raise nearly A$1 million for exploration at the project as well as at the company's Mary Valley manganese project in Queensland.

    Historic legwork

    From 2006 to 2008, Cameco Australia conducted regional uranium exploration within the current area of Devil's Elbow Central, targeting "unconformity style" uranium deposits with the nearby economic deposits at Ranger, Jabiluka, Koongarra and Nabarlek serving as exploration models.

    The gold, palladium and platinum-rich Coronation Hill-style deposits of the South Alligator Valley were also considered a valid exploration target.

    Work carried out included general geological reconnaissance and a helicopter-supported surface sampling program targeting a number of illite and tourmaline alteration anomalies associated with a northeast-trending fault zone identified by an airborne hyperspectral survey flown in 2006.

    Workers identified two types of ore-related alteration haloes similar to Athabasca Basin (Canada) unconformity-style deposits that are currently used in the exploration models in Northern Australia.

    Interpretation of the hyperspectral data generated several anomalies for further investigation.

    Further review of historical activity on this tenemented area is ongoing and will be detailed to the market upon completion.


    The tantalisingly strong uranium readings in preliminary exploration work at Devil's Elbow supports Eclipse's decision to expand its control over this area of the highly prized Liverpool property.

    The broader Liverpool project area lies in the sought-after Alligator Rivers Uranium field, which neighbours operations run by senior uranium explorers such as Rio Tinto and Cameco Australia, the latter of which has been instrumental in establishing Devil's Elbow's prospectivity.

    The recent funding drive by Eclipse, meanwhile, represents a potential catalyst for newsflow related to the exploration work expected to be financed.

    This could in turn add value to the company by helping improve the understanding of the prospective geology already identified at Liverpool.

    Importantly, Eclipse has already met with and attainted consent from Traditional Owners for uranium-gold-palladium exploration and potential mining over two exploration licence areas at the project.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

    Nov 29 5:37 PM | Link | Comment!
  • Pioneer Resources fires up new gold drilling at Acra

    Pioneer Resources (ASX:PIO) shares were up 13.3% today as the explorer launched into a new drilling program at its Acra gold project in Western Australia in an effort to bring the high-grade Kalpini South area to a commercial decision.

    Pioneer stock was last trading at A$0.017.

    The new campaign will include 5,200 metres of aircore drilling, 1,400 metres of reverse circulation drilling and 200 metres of diamond core drilling.

    Where possible, two of the rigs will operate concurrently, which should result in drilling being completed by mid-December, and assays returned and validated by mid-January 2016.

    Reverse circulation and diamond core drilling at Kalpini South will follow up previous intersections including:

    - 0.2 metres at 116 g/t gold from 131 metres;
    - 1.2 metres at 20.8 g/t gold from 145.7 metres;
    - 1 metre at 9.6 g/t gold from 101 metres within 5 metres at 3.3 g/t gold from 100 metres;
    - 2 metres at 9.3 g/t gold from 102 metres within 31 metres at 1.8 g/t gold from 94 metres;
    - 1 metre at 14.3 g/t gold from 129 metres; and
    - 1 metre at 10.7 gold from 98 metres.

    A feature of Kalpini South gold mineralisation is that, due to its high associated sulphide content, it is detectable as an electromagnetic conductor.

    This has the potential to greatly help targeting in the northern Acra area.

    Other targets

    While down plunge drilling at Kalpini South represents some of the most anticipated work at Acra, the current program will also explore a number of other targets at the site.

    The Kalpini Knight prospect has been slated for drilling after a gold-in-soil anomaly was detected by a detailed soil geochemistry survey earlier this year.

    Also, five traverses of aircore drilling will be completed to test for continuity of three gold structures at the project's Deep River anomaly, further southeast along a targeted structural corridor.

    At Acra's Jubilee Gift area, Pioneer plans to drill three reverse circulation holes to test the depth and continuity of anomalies found to host moderate to strong gold-in-regolith mineralisation along a strike length of 320 metres.


    The start of new drilling at Acra sets up Pioneer for significant near-term newsflow, which considering the highly prospective nature of the targets, could result in positive share price momentum for the company.

    This view is supported by the fact that investor confidence in this project has already been demonstrated in the form of share placement at A$0.015, which generated $525,000 for the Acra exploration cause.

    With a market cap of about $11 million, Pioneer is lightly capitalised and therefore leveraged to exploration success.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

    Nov 29 5:35 PM | Link | Comment!
  • Kin Mining secures additional funds to advance Leonora Gold Project

    Kin Mining (ASX:KIN) has raised $1,170,000 from the shortfall of the share purchase plan which was priced at $0.10, and included 1 option for every 2 shares exercisable at $0.20 by 31 August 2017.

    Kin shares have recently been trading at a premium to the issue price, reaching as high as $0.16 earlier in the month.

    The company is working to place a remaining 6.4 million shares, which could potentially provide an additional cash boost.

    Funds will be used for drilling at its Gwalia South Prospect and to advance the Leonora Gold Project.

    Leonora hosts the Cardinia, Mertondale and Raeside Gold deposits, which are located in the Mt Margaret Mineral Field in the centre of the Eastern Goldfields in Western Australia.

    Gwalia South near 7Moz mine

    Kin will drill four high-priority gold targets immediately south of the Sons of Gwalia 7-million-ounce mine.

    The 5,000-metre program at the company's Gwalia South project will explore structural faults intersecting Gwalia mine sequence lithologies only 2.5 to 5.5 kilometres south of the giant operation.

    Gwalia South comprises tenements that are blanketed by areas of widespread soil cover including Lake Raeside. The holdings have been insufficiently tested by previous mine explorers.

    Beyond Sons of Gwalia, gold mines along this prospective corridor include Tower Hill (1Moz), Harbour Lights (1Moz), Kailis (164koz), Jasper Flats (165koz) and King of the Hills (3.68Moz).

    Exploration success by Kin at Gwalia South could open up all sorts of options, from ore / milling / tolling agreements, attracting farm-in partners or even the potential to consider development by the company.

    Kin said that a recent field visit at Gwalia South confirmed outcrop of a 400 metre strike length of the prospective Gwalia mine sequence.

    Rock chip analysis indicated the Gwalia slate within the sequence is anomalous in gold.

    Assays pending from Mertondale

    At Mertondale, the recently completed drill program consisted of four deep reverse circulation holes at three target areas T1, T2 and T3 for a total of 840 metres.

    Samples have been delivered to the Perth SGS laboratory, and assay results are anticipated to be received within the following weeks.

    The T2 Target at Merton's Reward was mined extensively in the early 1900's with total production of 90,000 tonnes 21g/t gold for 60,524 gold ounces.

    This makes it one of the highest grade deposits in the Eastern Goldfields, and a highly prospective area for Kin.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

    Nov 29 5:35 PM | Link | Comment!
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