(ASX: EMA) has secured a A$4.1 million convertible note facility to continue development of the Mulga Rocks Project, which contains Western Australia?s third largest uranium resource.
The funding package is via the issue of convertible notes to leading Australian resource investment groups Acorn Capital and its clients, Macquarie Bank and the Element Resources Fund.
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Importantly, the funding ensures that can continue to advance the development of Western Australia?s largest Australian-owned uranium asset.
The project hosts a resource of 60 million pounds U3O8 for 27,100 tonnes of contained U3O8.
The funds raised will be used for the completion of a JORC resource on the Princess deposit, continuation of ongoing development test work on the Ambassador deposit ore types, and to continue preparation for the Pre-Feasibility Study for the Mulga Rock deposits.
An updated JORC resource is on track for delivery before the end of 2012, while the Pre-Feasibility Study is slated to begin in the June quarter of 2013.
New uranium discovery
Earlier this year discovered a new uranium deposit, named Princess, containing the best uranium mineralisation ever found at the project.
The significance of this discovery is the improvement to the development potential of the project and the confirmation of a potential large landholding hosting low-cost uranium discoveries.
The newly discovered Princess deposit is a single body about 1.4 kilometres long, and 100 metres to 500 metres wide, which has produced uranium intersections of up to 5,968 parts per million (0.6%) eU3O8.
The deposit is located just 1 kilometre to the southwest of the proposed location for the processing plant for the Ambassador deposit.
Mulga Rock
Mulga Rock, which consists of four separate deposits ? Ambassador, Emperor, Shogun and Princess, is one of Australia?s largest undeveloped uranium resources covering 915 square kilometres.
The deposits also contain nickel, cobalt, rare earth elements (REE), yttrium, scandium, vanadium, copper, zinc and gold.
Some of these commodities will be produced as by-products to the production of uranium.
The Mulga Rock Project shares access infrastructure with the large Tropicana Gold Project, owned by Anglogold Ashanti (ASX: AGG) and the Independence Group (ASX: IGO), and which is presently under construction.
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