Final relinquishment report for EL 23915 Bynoe 1, 1 September 2004 to 13 June 2008

Abstract

Exploration Licence 23915 'Bynoe 1' is located approximately 60km south of Darwin in the Northern Territory. The licence was initially granted to Anglo American Exploration (Australia) Pty Ltd and then transferred to Continental Nickel NL (Continental; a fully owned subsidiary of Goldstream Mining NL) on 9th April 2004. Continental sold the tenement to Uranex NL on the 1st December 2005 with the transfer occurring on 15th February 2006. Uranex NL reduced EL 23915 from 63 sub-blocks (123.9 km2) to 32 sub blocks (92.34 km2) effective from 1st September 2007 as per the licence conditions. This final surrender report details exploration activities conducted on the Exploration Licence during its tenure. Exploration carried out on EL23915 by Uranex NL comprised data / literature reviews, geological reconnaissance, and a detailed geophysical aeromagnetic and radiometric survey in order to assess the uranium potential of the licence. No significant uranium anomalies were located for ground follow up. General Uranium background was lower and blander than that over the favoured host lithologies in the east of the project area. From results received from drilling in the Bynoe project area it appeared that the aeromagnetic signatures over EL 23915 suggested that preferred host rock suite for the uranium targets did not exist here. The EL was relinquished on 13th June 2008.