Year 2 reduction report for EL 25176 Hermit Creek, for period ending 8 November 2008

Abstract

EL 25176 is situated approximately 240km SSE of Darwin, NT, and 14km west of Daly River townsite. Territory Uranium Company Pty Ltd is exploring for multiple commodities and applied for EL 25176 to explore for unconformity-hosted U mineralisation, plus review potential for base metals and gold. Work during Year 1 of tenure consisted of a review of both NTGS data, and compilation of significant results from Industry reports, plus a geophysical review of available data. Exploration on EL 25176 during the period was restricted with efforts focused on EL 24984. Historical data compilation continued and a review of uranium targets commenced with helicopter and geochemical reconnaissance planned at priority targets in the 2009 field season. At the end of year two EL 25176 was reduced by 50%, targets identified in this review were retained hence no field work was undertaken within the relinquished ground. This report details the work done on the blocks of EL 25176 relinquished in the second year.