Combined partial surrend report for EL 25050, EL 25051 and EL 25052

Abstract

This Partial Surrender Report highlights exploration activities carried out from 2006-2008 by both Nova Energy Ltd (Nova) and Toro Energy Ltd (Toro) over surrendered portions of ELs25050, 25051 &25052. These three licences comprise the 'Amadeus Finke' project which is located in the Amadeus Basin, approximately 150km south of Alice Springs in the Northern Territory. In December 2007, licencee Nova Energy Ltd became a fully owned subsidiary of Toro Energy Ltd. During the first year of tenure, Nova's work was aimed at identifying sedimentary redox related uranium mineralisation in the Upper Devonian Finke Group sediments, similar to the Pamela and Angela deposits to the north. Toro continued this work during the second year of tenure. The following activities have been carried out: 1. Acquisition of selected open file reports by previous explorers. 2. Acquisition of all Northern Territory Government and Geoscience Australia data 3. Acquisition of digital Landsat satellite imagery 4. Compilation of all the above into a database. 5. Geological interpretation of the satellite imagery. 6. Interpretation of the database to generate exploration targets. 7. A helicopter assisted reconnaissance to examine outcropping targeted host lithologies and investigate the existing groups of airborne spot uranium anomalies.