epsilon expands balladonia uranium project

Epsilon expands Balladonia uranium project




Uranium exploration company, Epsilon Energy has expanded its Balladonia Uranium Project in the Eucla Basin, Western Australia, by applying for two further exploration licenses within the Emu Point Group of tenements.

The two new exploration license applications, E28/1735 and E28/1736, cover the extended radiogenic Ponton Creek palaeodrainage system, from Lake Booneroo, approximately 50km south, to Emu Point in the Eucla Basin, and extends Epsilon’s land position by 860sqkm within the highly prospective Emu Point Group of tenements.

Previous explorers reported consistently high gamma logs ranging between 200 and 1500cps combined, with encouraging uranium analyses ranging from 120ppm to 300ppm U3O8 from drilling programs over an extensive strike length of approximately 10km by 4km, within Epsilon’s existing and new exploration license applications at Emu Point.

Epsilon Energy’s Managing Director, Matt Gauci said the new tenements were highly prospective for sandstone hosted uranium deposits and consolidated Epsilon’s ground position in the region.

“The additional exploration license applications consolidate the company’s ground position in the Emu Point project area from where the radiogenic Ponton Creek drainage system becomes subterranean south of Lake Booneroo,” he said.

“The additional exploration license applications are favourable for the deposition of substantial amounts of uranium within what is expected to be favourable trap sites at Emu Point, evidenced by very encouraging drilling results over an extensive strike length.”

The Emu Point Group of tenements is currently one of five project groups, prospective for sandstone-hosted uranium deposits, that make up Epsilon’s 100 percent controlled Balladonia Uranium Project. The project includes the Heartbreak, Balladonia, Malcolm, Lake Dundas and Emu Point tenement groups and now covers an extensive 7,423sqkm area.

- 25 Jan 2007