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Energia Minerals granted tenements near 52Mlb uranium deposit in Queensland  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 21/11/2012

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(MENAFN - ProactiveInvestors - Australia) Energia Minerals (ASX: EMX) has been granted two tenements covering 565 square kilometres, adjacent to Laramide Resources 52 million pound Westmoreland uranium deposit in north western Queensland.

The granting of the two tenements follows the recent decision by the Queensland Government to convene an implementation committee to oversee the recommencement of uranium mining in the State.

This will allow exploration to begin following the northern wet season.

Priority targets will be both bedrock structural targets within the Westmoreland conglomerate and Cliffdale Volcanics, together with sediment hosted "roll front" deposits within the porous sands of the upper Westmoreland conglomerate in contact with the Siegel Volcanics.


Strategic investment

Energia recently secured a cornerstone investment by Uranium Equities (ASX: UEQ) as part of a 2.3 million capital raising to underpin the ongoing exploration and development of its flagship Nyang Uranium Project in Western Australia.

The company completed a share placement to Uranium Equities which raised 574,875 at 0.035 per share.

The placement was accompanied by a fully underwritten 2-for-5 non-renounceable entitlement offer to raise 1.76 million at 0.035 per share, with UEQ to participate.

Recent drilling at Nyang has confirmed extensions to the Carley Bore uranium deposit, laying the foundations for a revised resource estimate.

Energia began a 10,000 metre aircore drilling program earlier this month to infill and extend the current Inferred resource of 3.8 million tonnes at 390 parts per million for 12 million pounds of U3O8 at Carley Bore.

 






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