EL 25758 Angela Project Annual report 3 October 2008 to 2 October 2009

Abstract

The Angela Project is a uranium exploration project consisting of a single Exploration Licence (EL 25758) comprising 12 blocks with a total area of 37.67 km2, about 25 km from Alice Springs. The Angela deposit was initially discovered by Uranerz Australia Pty Ltd (Uranerz) during an extensive regional exploration program from 1972 to 1983. The area of the current tenement was held under a Reservation from Occupation (RO), from 1990 until December 2006. On 3 October 2008, Exploration Licence 25758 was granted to a 50:50 joint venture between Cameco Australia Pty. Ltd. (Cameco) and Paladin NT Pty. Ltd. (Paladin), for a period of six years. Cameco has managed the project for the reporting period between 3 October 2008 to 2 October 2009. There has been 111 holes drilled (including geotechnical holes) for a total of 27,017 m including 10,333 m of core and 16,684 m of RC (including pre-collars). All holes have been geologically logged including most RC chips. Geotechnical assessment is underway based on 8 diamond holes. Down hole gamma and resistivity probing has been undertaken routinely on all holes drilled and also selected Uranerz holes. For orientation purposes, multi-parameter probing has been completed on selected new holes for a total of 610 m. A project wide aerial radiometric/magnetic survey (1830 line-km) has been completed along with aerial photography. Geochemistry has been restricted to drill core from 52 holes including uranium and a selection of other elements. For metallurgy studies, 80 kg of drill core is being tested to identify the most suitable processing option for the Angela deposit. Several surveys have been completed including water monitoring, dust and radiation monitoring, flora and fauna assessment and an archaeological survey. Community liaison has been important, including a number of educational, promotional and interactive activities to provide information on the exploration activities and build relations with the community. The main technical objective of the program has been to confirm the historic resource, and from there conduct relevant studies to determine the viability. Much effort has been made to digitise historical probe data and geological logs which appear to be confirmed by our own recent work.