Annual and final report for EL 5892, 26 July 2005 to 25 July 2006

Abstract

This report describes exploration work undertaken on Exploration Licence 5892 (Goomadeer project) for the year ending 25th July 2006, the 6th year of exploration conducted on the tenement. Cameco surrendered EL5892 effective 25th July 2006; as such this is an Annual and Final Report. This report contains all exploration data for the July 2005 - July 2006 period. All additional data has been included in previous Cameco Annual Reports 2001-2005 2002. Work conducted during the reporting period included reconnaissance-style RAB drilling (72 holes, 1,280 m) and stream sediment sampling (total of 58 samples), and sampling of basement exposures (13 samples). Work was focussed in the southwestern area of the tenement, west of the Goomadeer River. RAB drilling intersected quartz-feldspar-biotite gneisses and granitic-granodioritic gneisses (Nimbuwah Complex). Stream sediment samples were consistently clean quartz-rich sands, derived from Nimbuwah parent rock. Similarly, rock chips of available basement exposures sampled Nimbuwah intrusives/gneisses, although some samples included trachyte dykes. Geochemical results from all sample medial were discouraging; a maximum of 11.40 ppm U (0.39 U/Th) was returned from saprolite in RAB drilling. Stream sediments returned a maximum of 4.73 ppm U (0.31 ppm Th) and did not indicate any anomalous trace metals. This is with the exception of a single sample which returned up to 10 ppb Au and 5 ppb Pt. The negative geochemical results from 2005 work, in combination with results from previous years, downgrade the potential of the area to host a significant uranium deposit. As a consequence, EL5892 was surrendered.