Boss Energy can earn up to 80 per cent interest in the Liverpool uranium project in the Northern Territory under a new binding option and earn-in agreement with Eclipse Metals.
Located in the Alligator Rivers uranium field of West Arnhem Land, the Liverpool uranium project comprises five exploration licences that cover 1229km2. The Devil’s Elbow deposit has yielded high-grade surface uranium assays such as 5.8 per cent triuranium octoxide.
The new strategic alliance between Boss and Eclipse will combine Boss’ uranium exploration and production expertise with Eclipse’s knowledge of the Liverpool uranium project.
“Partnering with Boss Energy is a key milestone for Eclipse Metals and the advancement of the Liverpool uranium project,” Eclipse executive chairman Carl Popal said.
“Boss Energy as a uranium producer will accelerate our exploration efforts, bringing us closer to unlocking the full potential of this highly prospective region. This strategic alliance allows Eclipse to enhance shareholder value in this long-held asset while sharpening our focus on critical mineral opportunities.”
Boss will commit $250,000 to fund exploration activities during the 12-month option period and will use the funds to complete mineral prospectivity mapping, target generation and validation of the existing targets.
Upon exercising the option, Boss can earn an initial 49 per cent interest in the Liverpool uranium project by spending $3 million within a three-year period and a further 31 per cent interest by spending $5 million within a further four years.
Once Boss has earned the initial 49 per cent interest, Boss and Eclipse will form an unincorporated joint venture to govern the future exploration and development of the Liverpool uranium project. Boss will assume operational control over the project during the earn-in stages.
“The agreement has been structured so we can systematically progress the work through a number of stages and decision points,” Boss managing director Duncan Craib said.
“Boss has developed some leading uranium exploration technical capacity, and we look forward to applying this at the Liverpool project.”
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