Watson Project
EL 3313, 3323 & 3800 – InterMet 100%
The Watson Project is located on the Nullarbor Plain area of the western Gawler Craton approximately 200km west northwest of Ceduna, South Australia.
Joint Venture Partners
- Uranium Equities Ltd (ASX:UEQ) earning 80% in uranium on all ELs.
- Silver Swan Group (ASX:SWN) earning 80% in all minerals (excluding uranium) on EL 3313 and 3323
Rollfront Uranium Exploration
Located on the Nullarbor Plain area of the western Gawler Craton, the Watson Project hosts several palaeochannels, which contain lignites and represent a major target for sedimentary uranium.
A Hoist Electromagnetic (EM) Survey was recently completed within the Project area to define palaeochannels as a water source for mineral sand processing. The survey delineated a major channel.
Data Processing has shown:
- Resistivity models indicating significant thickness of conductive material, interpreted to be the carbonaceous Pidinga Formation (this formation includes all the right ingredients for rollfront uranium).
- The presence of potential uranium-bearing granites, making the area highly prospective for uranium.
- The HoisTEM data is mapping out areas of palaeochannel development juxtaposed to basement uplift.
The presence of potential uranium bearing granites, extensive areas of carbonaceous and lignitic material contained in palaeochannels that are highly charged with groundwater, suggest good potential for rollfront uranium.
The joint venture with Uranium Equities Ltd (UEQ) covers an area totaling 2,391kms². Under the joint venture, UEQ can earn an 80% interest in the Watson Project from InterMet by expending $1M within four years on exploration within the tenements.
Uranium Equities may earn an initial 51% interest upon expending $500,000 at which time InterMet can elect to contribute pro-rata and maintain a 49% interest. Uranium Equities may withdraw at any time after an initial appraisal period provided it has expended at least $100,000.
Gold and Base Metals Exploration
InterMet has signed joint venture agreements with Silver Swan Group for mineral exploration (excluding uranium) over EL 3313 and 3323 of InterMet’s projects within the highly prospective Gawler Craton.
Under the joint ventures announced today Silver Swan can earn up to an 80% interest in the Watson (EL 3313 and 3323) Project from InterMet by spending $500,000 within four years on non-uranium exploration. Silver Swan may withdraw at any time after an initial appraisal period provided it has expended at least $50,000 on each project.
|
