Annual report for EL 2855 'Liverpool', for the period 25 July 2004 to 24 July 2005

Abstract

This report outlines exploration work undertaken by Cameco Australia Pty Ltd (Cameco) on the Liverpool Project (EL 2855) for the year ending 24 July 2005. Exploration during this period focussed on heli-supported outcrop sampling; a total of 26 samples were collected for geochemical analysis and PIMA reflectance spectrometry. Highest uranium values were recorded from volcanic rocks (up to 55.3 ppm U, U/Th 3.6), although two sandstone samples recorded elevated U concentrations (49.7 and 13.0 ppm U, U/Th 3.13 and 2.7 respectively). The latter two samples are located in the eastern section of the licence, and confirm elevated radioactivity at airborne radiometric anomaly 5. Other samples from the same locality record higher Th proportions, which downplay the significance of the above mentioned results. Limited follow up sampling may be warranted to further assess any prospectivity throughout the licence, although no clear targets have emerged from the exploration work to date.