Final report of EL 2855, for the period 25 July 2005 to 24 July 2006

Abstract

This report outlines exploration work undertaken by Cameco Australia Pty Ltd (Cameco) on the Liverpool Project (EL2855) for the year ending 24 July 2006. Exploration activities during this period consisted solely of heli-supported outcrop sampling; a total of 24 stations with 19 samples collected for chemical analysis and reflectance spectroscopy and five mapping stations were recorded. The aim of the program was to critically assess the project and further determine the future prospectivity of the exploration licence. Further sampling and reconnaissance of the project has not revealed any surficial targets that would require follow up drilling. The anomalous radioactivity associated with the ferrigenous unit of the Marlgowa Sandstone in the eastern portion of the licence is derived from surficial enrichment and scavenging of U and metals as a result of the weathering of a previously unmapped localised mafic volcanic and intrusive dolerite. Structural targets in the western portion of the project have no demonstrated surficial indications of mineralisation process. No further work is recommended for the project and the licence has been surrendered.