The Nyang Project is located about 960km north-northwest of Perth and approximately 150km south-east of the coastal town of Exmouth in the Carnarvon Basin, Western Australia.
On 1 June 2015, the Company signed a Heads of Agreement to sell its Carley Bore Uranium Deposit, within the Nyang Project, to Paladin Energy Limited, owner of the neighbouring Manyingee Uranium Project.
The Nyang in-situ leach (ISR) Uranium Project consists of one granted Exploration Licence E08/2735 located midway between the Manyingee and Carley Bore uranium deposits now owned by Paladin Energy Limited (PDN). Energia sold the Carley Bore deposit to PDN in exchange for 45 million PDN shares and $1.6 million cash.
The Company’s interest in the area now comprise one granted tenement and two tenements [owned by Cauldron Energy (CXU)] subject to a forfeiture application by Energia and which are located between and along strike of Paladin’s Manyingee and Carley Bore deposits along the highly prospective eastern margin of the Carnarvon Basin. The Wardens Court has recently handed down a recommendation to the Minister that CXU’s application for expenditure exemption for the disputed tenements be refused. It is anticipated that Energia’s application for forfeiture will now proceed following endorsement of the Wardens decision to refuse CXU’s exemption application. These three tenements cover an area of 1,536km2 and are prospective for hosting similar roll front uranium occurrences as delineated at Carley Bore and Manyingee.