China Yunnan Copper Australia intends to purchase the Waterford Uranium Project in northwest Queensland from Carpentaria Exploration.
The licence area contains more than 15km strike length of historically drill defined redox front with anomalous uranium analyses.
Upon successful completion of a 30 day due diligence period, China Yunnan will be the owner of the property for a consideration of $20,000. Due diligence will include completion of transfer documentation to the satisfaction of the Department of Employment, Economic Development and Innovation (DEEDI) of the Queensland Government.
China Yunnan believes that the palaeochannel uranium target can be tested by airborne electromagnetics and at the same time it has a similar target, Malakoff, to test on its Cloncurry North Project. This will occur during 2010 subject to aircraft availability.
The Waterford project is about 200km south of Cloncurry. The application covers Mesozoic Eromanga Basin strata which have been previously explored for uranium.
Previous reconnaissance exploration drilling within the licence area located a definitive redox front in a sandstone aquifer which has returned anomalous geochemistry including an XRF geochemical analysis of 2 metres @ 140 ppm uranium.
This initiative continues a period of low cost, high value acquisitions by China Yunnan. In the past four months it has executed two joint ventures, one outright property purchase and signed a Memorandum of Understanding.
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