Final relinquishment report for EL 24020 Bynoe South for the period 20 July 2008 to 26 May 2009

Abstract

Exploration Licence 24020 'Bynoe East' is located approximately 60km south of Darwin in the Northern Territory. The licence was initially granted to Anglo American Exploration (Australia) Pty Ltd and then transferred to Continental Nickel NL (Continental; a fully owned subsidiary of Goldstream Mining NL) on 7th September 2004 and then transferred to Uranex NL on 15th February 2006. Uranex NL reduced EL 24020 from 14 sub-blocks (37.51 km2) to 8 sub-blocks ((24.6 km2) on 19th July 2007 as per the licence conditions and a surrender report was submitted for this. Exploration by Uranex NL consisted of an airborne geophysical survey later followed up by a helicopter assisted ground check of anomalies and most recently an Airborne Electromagnetic survey (AEM). A detailed aeromagnetic and radiometric survey at a 200 metre line spacing which was flown in late 2006. Processing and interpretation of the magnetic and radiometric data was undertaken by Southern Geoscience Consultants. Anomalous radiometric targets were identified from the uranium and uranium / thorium images. These were examined by a helicopter assisted ground check in July 2008. No surface mineralisation was located. An AEM survey was completed in April 2009 after lengthy delays. It was completed by Fugro Geophysical services and flown in conjunction with Geoscience Australia as part of its Woolner Survey. The lines were flown east west with a spacing of 1.66 kilometres for a total of 40 line kilometres. No anomalous surface uranium was located from the helicopter assisted ground follow up of the airborne survey. No suitable conductors were located at depth by the AEM survey. The Burrell Creek Formation is considered not a suitable uranium host and there is no evidence of any nearby unconformable Mesoproterozoic platform cover rocks to generate suitable East Alligator Rivers or Rum Jungle style targets and the tenement was surrendered on 26th May 2009.