Annual report for EL 2857 and EL 4012 'Gunbatgarri Project', year 4 of tenure, 19 September 2005 to 18 March 2006

Abstract

This report outlines exploration work undertaken on the Gunbatgarri project (EL 2857 & EL 4012) for the year ending 18th March 2006, the fourth year of tenure. The tenements were 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. Exploration during the reporting period consisted of a single diamond drill hole to a final depth of 464 m. Targeting was largely based on airborne EM data, which indicated the presence of a zone of elevated conductivity, possibly indicative of hydrothermal alteration. The drill hole intersected Gumarrirnbang Sandstone, Nungbalgarri Volcanics, and Mamadawerre Sandstone. No significant radioactivity was encountered.