Boss Energy (ASX: BOE) has entered into an agreement under which it can earn up to a 90% interest in the Liverpool project in the highly prospective Alligator River uranium field in the NT.

Boss can earn an initial 49% interest in the project by spending $3 million within three years and a further 31% interest (total 80%) by investing an additional $5m within a further four years.

The agreement has been made with the Eclipse Group, comprising Eclipse Metals (ASX: EPM) and its wholly-owned subsidiary North Minerals.

Operational control

Boss – operator of the Honeymoon project in South Australia and a joint venture (JV) partner in the Alta Mesa project in Texas – will assume operational control of the project during the earn-in stage, with a minimum exploration commitment of $1.5m before it can withdraw from the project.

Boss has a further option to purchase an additional 10% interest in the project for $50m upon completion of the earn-in arrangement.

Identified as a prospective unconformity-type uranium mineralisation target, the project contains five exploration licences covering an area of 1,229 square kilometres.

Previous exploration in the project area has yielded several high-grade uranium assays in rock chips and numerous radiometric anomalies remain untested.

Structured agreement

Boss managing director Duncan Craib said the agreement had been structured so the company can systematically progress the work with Eclipse 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.”

Once Boss has earned the initial 49% interest, it will form an unincorporated JV with the Eclipse Group to govern the future exploration and development of the project.

‘Key milestone’

Eclipse Metals executive chair Carl Popal said the signing is a key milestone for the advancement of the Liverpool uranium project.

“Boss Energy will accelerate our exploration efforts, bringing us closer to unlocking the full potential of this highly prospective region,” he said.

“This strategic alliance allows Eclipse to enhance shareholder value in this long-held asset while sharpening our focus on critical mineral opportunities.”