Epsilon targets uranium and iron ore in Pilbara
Uranium exploration company Epsilon Energy has generated a new exploration project covering 224sqkm that is considered prospective for sandstone-type roll-front uranium deposits, as well as magnetite and hematite iron ore deposits, located 110km southwest of Karratha, in the Pilbara region of Western Australia.Epsilon Managing Director Matt Gauci said the project represents excellent prospectivity for two high value commodities located within the Pilbara, which is recognised as a world-class mining province. “Given the favourable geological characteristics and geophysical responses, as well as easy access to water and power, the project represents an excellent upside exploration opportunity,” Mr Gauci said. “Grant of the project, subsequent remote sensing surveys, field work and drilling, is expected in the second half of 2008.” The project displays an intensive radiometric anomaly and palaeochannel stratigraphy, prospective for sandstone-type roll-front uranium deposits, adjacent to Mt Salt Uranium project. The project demonstrates prospective Hamersley Group stratigraphy, including an extensive Banded Iron Formation (BIF) anomaly covering 10km by 2.5km prospective for magnetite-rich iron ore. The project also exhibits interpreted Brockman Formation, prospective for Hematite iron ore within a trending fault of the main anomaly and has oxidised product above the anomaly. To the northeast of the tenement, the Balmoral resource hosts an estimated to 60 to 100 billion of tonnes of magnetite-rich BIF iron ore. To the south of the tenement, Uranium occurs as sandstone-type roll front deposits, such as Manyingee, within Cretaceous palaeochannels. Epsilon will commence native title and landowner discussions immediately, and it is anticipated a remote sensing survey, field work and drilling will be followed soon thereafter.