Combined Partial Relinquishment for period ending 13 March 2009 EL 24178, EL 23934 Tanami Granites Project

Abstract

The Tanami-Granites project, comprising Exploration Licences 24178, EL 23934 and EL 24166 is located in the northern part of the Tanami Desert, approximately 600 kilometres to the northwest of Alice Springs. The Project area covers the Paleoproterozoic McFarlane Peak metamorphics to the north, the Paleoproterozoic Dead Bullock Formation and the Paleoproterozoic Coomarie Suite granites to the southwest and to the east. These formations are overlain by Mesoproterozoic Birrindudu Groups of the Proterozoic Birrindudu Basin. Locally (eastern portion of EL 23934 and EL 24166) Cambrian flood basalts (Antrim Plateau Volcanics) overlie Mesoproterozoic Gardiner Sandstones of the Birrindudu Basin. AFMECO Mining and Exploration became operator of the Tanami-Granites project on the 1st of May 2007 following the formation of a Strategic Alliance Agreement between Northern Uranium, AREVA NC Australia and AFMECO Mining and Exploration on the 13th of February 2007. In 2007, AFMECO Mining and Exploration completed airborne geophysical surveys including a helicopter-borne time-domain electromagnetic survey with a VTEM system, an airborne hyperspectral mapping survey (HyMap) and an airborne radiometric and magnetic survey. On-ground exploration work consisted of helicopter-borne geological reconnaissance during which rock chip samples were taken for geochemical analysis. Exploration work undertaken by AFMECO Mining and Exploration during the period 13 March 2008 and 12 March 2009 consisted helicopter-borne geological reconnaissance during which rock chip samples were taken for geochemical analysis. The data acquired during the airborne geophysical surveys have been reprocessed and interpreted. The geochemical and petrographic results of rock chip samples have been completed. The relinquished areas correspond to areas where no conductive features were highlighted from airborne geophysical surveys in 2007. These areas are considered to be non prospective for unconformity type mineralization.