Relinquishment report for EL 2857

Abstract

This report refers to the portion of EL2857 Gunbatgarri, which was relinquished at the cessation of the second year of tenure. The tenement, in combination with EL4012, was formerly part of the Arnhem Land West Joint Venture, a joint venture between Cameco Australia Pty Ltd (Cameco), PNC Exploration Australia Pty Ltd (PNC) and the Ngalangak Aboriginal Corporation. In 2002, Cameco attained management then ownership of the project when PNC withdrew from exploration activities in Australia. There were no field activities performed over the relinquished area for the two year period. The entire area of 264 blocks was designated as 'No-Go' by the Northern Land Council, therefore prohibiting any exploration.The focus of the exploration strategy is the discovery of unconformity-related uranium deposits. The nearby economic deposits at Ranger, Jabiluka, Koongarra and the now depleted Nabarlek Mine serve as models for this strategy. The presence of gold, palladium and platinum in these deposits plus the economic gold-platinum resource at Coronation Hill in the South Alligator Valley, indicates an additional potential for this deposit style.