Wedoany.com Report-Mar 13, Eclipse Metals and Boss Energy have entered into a binding option and earn-in agreement to advance exploration at the Liverpool uranium project in Australia.

The Liverpool uranium project comprises five exploration licences covering 1,229km².

As part of the deal, Boss Energy is spending A$250,000 ($157,633) on exploration during the 12-month option period, including target generation, mineral prospectivity mapping and targets validation.

After earning the initial 49% interest in the project, Boss Energy has the right to earn up to an 80% stake in the project by providing up to A$8m in exploration funding in two stages over a seven-year period.

The staged earn-in requires Boss Energy to invest a minimum of A$1.5m in exploration prior to its withdrawal from the agreement.

Boss Energy and Eclipse Metals will form an unincorporated joint venture for the project exploration and development.

Following a successful earn-in, Boss Energy can acquire an additional 10% stake from Eclipse for $50m, increasing its total interest in the project to 90%.

Boss Energy managing director Duncan Craib said: “We look forward to working with Eclipse Metals on unlocking the exploration potential of the Liverpool project in the Northern Territory. The agreement has been structured so we can systematically progress the work through a number of stages and decision points.

“Boss has developed some leading uranium exploration technical capacity, and we look forward to applying this at the Liverpool project.”

The Liverpool uranium project, situated in the highly prospective Alligator Rivers uranium field of West Arnhem Land, Northern Territory, comprises five exploration licences covering 1,229km².

The licences include EL27584, ELA31065, ELA31770, ELA31771 and ELA31772.

The Devil’s Elbow prospect within EL27584 is said to have yielded high-grade surface uranium assays, including results up to 5.8% triuranium octoxide, as well as better gold and palladium mineralisation.

Eclipse Metals’ earlier exploration programmes focused on the area around the Devil’s Elbow, Terrace and Ferricrete uranium prospects.

The programmes concentrate on high-priority areas defined by historical geochemical and radiometric anomalies within EL27584 and relatively unexplored ground south of the Ranger Fault.

In February 2024, Boss Energy signed an agreement to acquire a 30% stake in the Alta Mesa ISR Uranium Project in South Texas, US, from enCore Energy, for $60m.