Perth-based NuPower Resources Ltd and South Perth's Northern Mining Ltd have entered into a joint venture for work on a uranium tenement belonging to Northern and situated in the Northern Territory.
Perth-based NuPower Resources Ltd and South Perth's Northern Mining Ltd have entered into a joint venture for work on a uranium tenement belonging to Northern and situated in the Northern Territory.
Under the deal, NuPower must spend a minimum of $200,000 on an airborne electromagnetic survey, water sampling and geological mapping by 30 June 2008.
It may earn 60 per cent equity in the project by sole expenditure of $2.5 million within four years after commencement of the agreement, the companies have agreed.
The full text of a NuPower announcement is pasted below
Nupower Resources Limited (NuPower) announces agreement in principle with Northern Mining Limited (Northern) to enter into a farm-in and joint venture over Northern's Exploration Licence No. 24746, about 100km north north-west of Alice Springs (NT). Northern's licence is immediately south of NuPower's Yalyirimbi Exploration Licence No. 24548 and west of NuPower's Burt Plain Exploration Licence No. 24956.
NuPower must spend a minimum of $200,000 on an airborne electromagnetic (AEM) survey, on water sampling and geological mapping by 30 June 2008. It may earn 60% equity in EL24746 by sole expenditure of $2.5 million within four years after commencement of the agreement.
"The addition of Northern's ground will enable NUP to extend in 2008 the AEM survey work carried out in mid-2007 that resulted in identification of interpreted palaeo-drainage systems under NuPower's Yalyirimbi licence to the north and north-west of Northern's licence," said NuPower Managing Director, Dennis O'Neill.
"With an extensive array of tenements having evidence of palaeo-drainage systems adjacent to known uraniferous source rocks and conceptually analogous to the Mt Painter relationship to the Beverley and Beverley Four Mile deposits in South Australia, NuPower is well positioned in Central Australia to accelerate its exploration program for secondary uranium deposits " he added.
The full text of a Northern announcement is pasted below
An agreement in principle of a farm-in and joint venture agreement on Northern Mining Limited's (ASX:NMI) Exploration Licence 24746 Milton Park in the Northern Territory has been entered into with NuPower Resources Limited (ASX:NUP). The Milton Park prospect covers 498 sub-blocks for an approximate area of 1571 square kilometres. It abuts immediately south NuPower's Yalyirimbi Exploration Licence 24548 and immediately east Burt Plain Exploration Licence 24956 (Figure 1).
Recently, NuPower announced that it had discovered palaeo-drainage systems within EL24548, through which uranium bearing ground waters have and continue, to flow, and palaeo-lakes that continue to receive ground water via the palaeo-channel systems (Figure 1). These results now provide NuPower with a series of potential host structures within which it believes there is excellent potential for the development of secondary uranium deposits.
NuPower will carry out extensive follow-up airborne surveys in 2008 that will include Northern's Milton Park Project.
Terms of the Agreement:
Under the terms of the agreement, NuPower must spend a minimum of $200,000 on an airborne electromagnetic (AEM) survey, on water sampling and geological mapping by 30 June 2008. It may earn 60% equity in EL24746 by sole expenditure of $2.5 million within four years after commencement of the agreement.
