Annual report for EL 24467 Horseshoe Bend, for the period 07 September 2007 to 06 September 2008

Abstract

EL 24467 is part of Northern Mining Limited's Finke project in Central Australia and is considered prospective for sandstone-hosted and Tertiary remobilised uranium and massive Manganese mineralisation. The southern edge of the basin has been identified as an analogous setting to that which hosts the Angela uranium deposit in the north. EL 24467 was granted to Lockett Consulting Services Pty Ltd (90%) and Imperial Granite and Minerals Pty Ltd (10%) on 7 September 2005. Agreement to transfer the Tenement to Northern Mining Limited was completed during the first year of tenure. In the second year of tenure, a reconnaissance field trip was undertaken to EL 24467 to check the field expression of certain geological features and discuss logistics with the station owners at Horseshoe Bend. Two rockchip samples were collected of silicified Tertiary lacustrine carbonate sediments which coincide with prominent uranium anomalies in the wide-spaced radiometric data. These rockchips returned a low, but slightly anomalous uranium result, which suggests that the airborne anomalies are not measuring uranium directly, but possibly the daughter products derived from uranium decay. If so, uranium mineralisation may have been mobilised recently and so further work is required to identify local, favourable trapsites. No work has occurred since.