Third Annual report for EL 24866 Rum Jungle NT for the period ended 15 March 2009

Abstract

During the year 32 RAB holes were drilled for 981m along a cadastral boundary in the southern part of the tenement and two RC holes were drilled for 258 metres. No uranium, gold or base metal mineralisation was detected. The best RC result was 6m @ 383ppm Pb and 1180ppm Zn from 96m in RJRC002. Geological consultant John Earthrowl conducted geological mapping and ground radiometric traverses, confirming to tenement to be totally underlain by Burrell Creek Formation and not South Alligator Group rocks, as mapped by NTGS. Airborne EM (TEMPEST) was flown by Geoscience Australia at 333m line spacing in November 2008? for 60 line km. Data has not yet been received. Ten rock chip samples were collected. The best rock chip result was 190 ppb Au from sample RJ08008 from a large magnetic anomaly in the centre of the tenement. Drill logs and assay results from the 2007 Air Core drilling programme not reported in the last annual report are contained in the appendices. The 2007 samples were assayed at the NAL laboratory in Pine Creek and were assayed for gold only. Sample from 2008 were assayed at NTEL in Darwin.