donnie
07-05-2007, 06:25 PM
Heres another uranium company with good potential, there could still be huge potential left in this one yet, it was a nice rise today.
The Billa Kalina uranium–copper–gold project is located approximately 650 kilometres north of Adelaide and within the Olympic Dam Province of the Eastern Gawler Craton. The project lies approximately 70 kilometres to the north-northwest of the Olympic Dam uranium–copper–gold mining operations of BHP Billiton and some 45 kilometres west of the more recently discovered Prominent Hill copper–gold deposit of Oxiana Minerals Limited. The recently discovered Carrapateena copper–gold prospect is also located in this well known mineral province. The north-northwesterly trending G2 structural corridor, a continental scale geological feature thought to represent a long lasting zone of crustal weakness along which the Olympic Dam mineralisation is located, passes through the Eromanga tenements.
Billa Kalina consists of five largely contiguous tenements in which, by agreement with Flinders, Maximus has the right to explore for all non-diamond minerals. Under a joint venture with Maximus, Eromanga can secure 50% equity by sole funding the initial $3 million of exploration expense within a six year period. With the exception of a small inlier of Early Proterozoic basement rocks in one exploration licence and a few minor copper and gold prospects, the project area is typical of much of the Eastern Gawler Craton uranium–copper–gold province in that it is covered by a veneer of geologically younger sediments that vary considerably in depth.
Part of the younger sediment cover is the Permian Arkaringa Basin which, given its proximity to both the Olympic Dam and Prominent Hill deposits, is considered to be an excellent target for discovery of sandstone hosted uranium mineralisation. Based on our current understanding of the Arkaringa Basin geometry approximately 130 kilometres of the basin margin lies within the Billa Kalina project area and will be explored using a combination of modern geophysical techniques (NOAA, EM and detailed radiometrics) and regional drill testing.
Interpretation of regional gravity data has highlighted a broad gravity high beneath the overlying younger sediments. This gravity feature has not received attention from previous explorers but, 45 kilometres to the west of Billa Kalina, the discovery of the Prominent Hill gold–copper deposit, through the drill testing of a gravity high, has increased exploration interest in such targets. The recent Carrapateena discovery was also located by drill testing a gravity anomaly. The Billa Kalina gravity high is located in an area of the tenement package where the Early Proterozoic basement rocks of exploration interest are within 200 to 300 metres of surface, a depth of cover shallower than that at Olympic Dam, but deeper than at Prominent Hill.
Recent detailed ground magnetic and gravimetric surveys, completed by Maximus, will refine understanding of the Billa Kalina gravity anomaly and should allow early exploratory drill testing of the targets that are expected to result.
The Billa Kalina uranium–copper–gold project is located approximately 650 kilometres north of Adelaide and within the Olympic Dam Province of the Eastern Gawler Craton. The project lies approximately 70 kilometres to the north-northwest of the Olympic Dam uranium–copper–gold mining operations of BHP Billiton and some 45 kilometres west of the more recently discovered Prominent Hill copper–gold deposit of Oxiana Minerals Limited. The recently discovered Carrapateena copper–gold prospect is also located in this well known mineral province. The north-northwesterly trending G2 structural corridor, a continental scale geological feature thought to represent a long lasting zone of crustal weakness along which the Olympic Dam mineralisation is located, passes through the Eromanga tenements.
Billa Kalina consists of five largely contiguous tenements in which, by agreement with Flinders, Maximus has the right to explore for all non-diamond minerals. Under a joint venture with Maximus, Eromanga can secure 50% equity by sole funding the initial $3 million of exploration expense within a six year period. With the exception of a small inlier of Early Proterozoic basement rocks in one exploration licence and a few minor copper and gold prospects, the project area is typical of much of the Eastern Gawler Craton uranium–copper–gold province in that it is covered by a veneer of geologically younger sediments that vary considerably in depth.
Part of the younger sediment cover is the Permian Arkaringa Basin which, given its proximity to both the Olympic Dam and Prominent Hill deposits, is considered to be an excellent target for discovery of sandstone hosted uranium mineralisation. Based on our current understanding of the Arkaringa Basin geometry approximately 130 kilometres of the basin margin lies within the Billa Kalina project area and will be explored using a combination of modern geophysical techniques (NOAA, EM and detailed radiometrics) and regional drill testing.
Interpretation of regional gravity data has highlighted a broad gravity high beneath the overlying younger sediments. This gravity feature has not received attention from previous explorers but, 45 kilometres to the west of Billa Kalina, the discovery of the Prominent Hill gold–copper deposit, through the drill testing of a gravity high, has increased exploration interest in such targets. The recent Carrapateena discovery was also located by drill testing a gravity anomaly. The Billa Kalina gravity high is located in an area of the tenement package where the Early Proterozoic basement rocks of exploration interest are within 200 to 300 metres of surface, a depth of cover shallower than that at Olympic Dam, but deeper than at Prominent Hill.
Recent detailed ground magnetic and gravimetric surveys, completed by Maximus, will refine understanding of the Billa Kalina gravity anomaly and should allow early exploratory drill testing of the targets that are expected to result.