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ABN 87 089 531 082
PO Box 833, Subiaco WA 6008
Phone: +61 8 9212 9888
Fax: +61 8 9212 9800
Email: [email protected]
Web: www.epsilonenergy.com.au
ASX/MEDIA RELEASE 11 October 2007
EPSILON DELINEATES FURTHER PALAEOCHANNEL SYSTEM
Uranium exploration company, Epsilon Energy Limited (ASX: EPS) is pleased to announce it has delineated an extensive palaeodrainage system at the Heartbreak target within the Balladonia Uranium project, where the Company controls 100% Uranium rights. The channel system is additional to that recently mapped at the Balladonia North target. Both channel systems are prospective for sandstone hosted uranium deposits. The palaeodrainage system at Heartbreak was identified from the results of an extensive detailed TEMPEST airborne electromagnetic (EM) Survey covering 2702 line km over 200m line spacings. Preliminary interpretation of the Heartbreak results indicate an extensive palaeodrainage system made up of numerous drainage channels comprising a system covering an area of approximately 700km2, previous drilling has suggested enhanced concentrations of uranium may be present in these channels. The airborne EM from Heartbreak (Figure 2) defines the ancient drainage network across the project site. Ground water has leached uranium from adjacent radiogenic granitoids and transported it through the permeable sediments that occur in the drainage network. An appropriate chemical environment, sufficient volume groundwater flows and concentration of uranium would favour economic uranium deposition. The company is currently planning a drill test program. Epsilon Energy Managing Director, Mr Matt Gauci, said the results confirmed the prospectivity of the project area for sandstone hosted uranium deposits. “The completion of one of the largest and most detailed Airborne EM Surveys in this region has provided the company with extensive data sets to continue to delineate drill targets and build geological models similar to Beverley, nearby Mulga Rock or North American sandstone hosted deposits.” said Mr Gauci. “No modern systemic uranium exploration has been carried out at the project. The TEMPEST Airborne EM survey has successfully mapped a previously unidentified palaeochannel system. Interestingly, changes in channel geometry at Heartbreak coincide with the previously reported high gamma logs. This is a first for the area and has provided the exploration team with great confidence in carrying out our exploration program efficiently and effectively. We are now very eager to commence drilling.” Further processing and interpretation will be undertaken by Centre for Exploration Targeting and Southern Geoscience. It is expected that these results will further refine drill targets for Epsilon.
- ENDS - For more information please contact:
Matt Gauci Managing Director T: +61 8 9212 9888
Shane Murphy Porter Novelli
T: +61 8 9386 1233
Or visit: www.epsilonenergy.com.au
The information in this report that related to Exploration is based on information compiled by Stefan Gawlinski who is a member of Australian Institute of Geoscientists. Stefan Gawlinski is Exploration Manager of Epsilon Energy Limited. Stefan Gawlinski has appropriate qualifications and sufficient knowledge and experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the exploration activity that he is undertaking to qualify as Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.. Stefan Gawlinski consents to the inclusion in this report of the matters based on his information in the form and context that it appears.
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ABN 87 089 531 082
PO Box 833, Subiaco WA 6008
Phone: +61 8 9212 9888
Fax: +61 8 9212 9800
Email: [email protected]
Web: www.epsilonenergy.com.au
Balladonia Uranium Project Located in the Eucla Basin 120km north east of Esperance, the Balladonia Uranium project covers 7500km2 and is one of Australia’s largest continuous uranium exploration projects. No modern exploration tools, such as Airborne EM, have been applied to the Project and the initial interpretation has provided the Company with a high-quality comprehensive dataset which will be crucial for further developing geological models for the formation of uranium mineralisation in the area, and to effectively undertake a drill test campaign. Figure 1: Balladonia Uranium Project Tenements and Location
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ABN 87 089 531 082
PO Box 833, Subiaco WA 6008
Phone: +61 8 9212 9888
Fax: +61 8 9212 9800
Email: [email protected]
Web: www.epsilonenergy.com.au
Heartbreak Target
The airborne EM from Heartbreak defines the ancient drainage network across the project site. Ground water is leached uranium from adjacent radiogenic granitoids and transported it through the permeable sediments that occur in the drainage network. An appropriate chemical environment and sufficient volume and concentration of uranium would favour economic uranium deposition. The company is confidently planning a drill test program.
Figure 2: Heartbreak Target Preliminary Paleodrainage Interpretation on previous drill hole data
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