Annual and final report on EL 5061 and EL 5062; 27-05-2001 to 26-05-2002

Abstract

Follow up outcrop and fracture sampling of suspected areas of structural disruption was completed during the reporting period in order to identify U anomalism within fractures which may represent leakage from U deposit at depth. Sampling results were generally disappointing, however U mineralisation was observed extending NW of Spectre and at Slimer prospects, with elevated REE, gold, platinum and palladium. PIMA readings were also taken on these samples in order to continue building a library of background and anomalous spectral signatures for the project and Arnhem Land. Petrography samples were also analysed in order to document the lithological variations throughout the stratigraphic column. Processed data for the DeBeers Airborne Multispectral Scanner (AMS) survey has been included with this report. Results are disappointing; the AMS did not identify any clay alteration that may be associated with the known uranium occurrences on the exploration licences. Clay patterns identified by the survey appear to be stratigraphic in origin. Excessive depth to the sub-Kombolgie unconformity underlies the decision to relinquish the remaining portions of ELs 5061 and 5062. The prospectivity of these exploration licences is severely diminished by the economics involved with exploration costs, and with feasibility of mining a discovered resource at the expected depth to basement.