Annual report for EL 9928, EL 9929, EL 22368, EL 22369, EL 22447, EL 22825, EL 22827, EL 23247 and EL 24780, 20 July 2005 to 19 July 2006

Abstract

The Plateau project is located in western Arnhem Land, approximately 250 km east of Darwin, and comprises nine Exploration Licences (ELs 9928, 9929, 22369, 22447, 22825, 22827, 23247 and 24780) for a total land area of 225 km2. The ELs were granted to Cameco Australia Pty Ltd on July 20 2005 for a period of six years. The 2005 exploration program included helicopter supported outcrop sampling, geological reconnaissance, radiometric anomaly follow-up. A total of five rock chip samples were collected from ELs 9928 and 9929 for geochemical analysis. Limited compilation of digital data and review of previous work was also conducted. The highest U value from 2005 sampling was 11.4 ppm U in rock chip sample PL050002, collected from a fracture in Gumarrirnbang Sandstone in EL9929. This sample also returned elevated values for P2O5 (14,600 ppm), Sr (6210 ppm), S (2360 ppm) and Y (2820), as well as heavy rare earth elements.