Mineral sands agreement in Eucla Basin

Uranium exploration company Epsilon Energy has signed a farm-in agreement...

  Uranium exploration company Epsilon Energy has signed a farm-in agreement with Heron Resources, covering 1650sqkm over 20 tenements, for the rights to Mineral Sands at the Balladonia Project.Epsilon already owns 100% of the uranium rights in these tenements and now has the right to earn a total 70% of the Mineral Sands rights by spending $350,000 over two years. The Balladonia Project contains a number of under-explored Mineral Sands deposits along three levels of fossil coast that stretches over 200km. Epsilon is currently exploring for uranium in the project; however, previous explorers have reported zircon-rich Heavy Mineral Sands (HMS) intersections, with zircon values up to 33% and HMS up to 24%. Epsilon Managing Director, Matt Gauci said the company was excited by the addition of Mineral Sands rights within tenements where it is currently exploring for sandstone-type uranium deposits. “The Eucla Basin is a world-class zircon province and the Balladonia project is prospective for a host of minerals, particularly uranium and mineral sands. This agreement represents a value accretive proposition given our ongoing work for Uranium, because of the synergies that can be derived from exploring both minerals,” Mr Gauci said. “The company will move quickly to upgrade and define the high-grade mineralised zone to resource status. It will also undertake wider reconnaissance drilling along the 200km strike length, seeking further high-grade mineralised zones and deposits,” he said.