Annual report for EL 5892 Goomadeer Project, 26 July 2004 to 25 July 2005

Abstract

This report describes exploration work undertaken for Year 5 on Exploration Licence 5892 between 1 January 2004 and 31 December 2004. The tenement once formed part of the Arnhem Land West Joint Venture, a joint venture between Cameco Australia Pty Ltd, PNC Exploration Australia Pty Ltd and the Mangingburru Aboriginal Corporation. Cameco became manager of the project on granting of the tenements in 2000 and subsequently acquired ownership in 2002 after PNC ceased exploring for uranium in Australia. The reportable exploration activities consisted of one diamond drill hole, GDD001, located in the sandstone faulted block in the eastern portion of the licence, and limited outcrop sampling in the southern portion of the licence. GDD001 was drilled to a depth of 251m encountering 46m of basal Mamadawerre Sandstone, passing into granitoids of the Nimbuwah Complex, and terminating in Oenpelli Dolerite. No anomalous results were obtained from the drill hole, and further drilling within the area is not warranted.