First annual report on McArthur Basin Project

Abstract

The McArthur Basin Uranium Project is located approximately 250 kilometres east of Katherine in the Northern Territory. This report describes the results of literature research and target generation based on re-interpretation of radiometric data and surface rock chip/soil sampling program carried out during the first year of the Licence. The McArthur River Uranium Project area has been shown to contain a number of clusters of first and second order radiometric anomalies that have never been investigated. The radiometric anomalies are associated with the favourable lithologies such as the Crawford Formation which is mainly composed of very fine-grained sandstones and siltstones. The focus of exploration will be the discovery of sandstone and unconformity type uranium deposits serving as models within the project area. Lead-zinc mineralisation is widespread throughout the McArthur River region. The project area lies in proximal to the Balman base metal deposits. The Project area is ideally situated for stratiform type base metal deposits with extensive untested magnetic structures and 'bulls eye' anomalies classified as walk up drill targets. The McArthur Basin is amongst the most prospective regions of the North Australian Craton. It hosts the world-class HYC lead-zinc-silver deposit and several smaller uranium and base metal deposits, as well as diamond-bearing kimberlite pipes at Merlin. A total of 6 rock samples were collected which are numbered from 30001 to 30006. The remaining traverses in the program were inaccessible: the track shown on the topographic map leading through the main part of the anomaly has not been maintained for many years and is impassable to four wheel drives. It may be possible to gain access on quad bikes from the east or south boundary fences. Based on the assay results, several very low order uranium results are delineated (high of 4.1 ppm U anomalous manganese results (1,950 ppm Mn) within central portion of EL 25839.