Partial surrender report for EL 24253 Neutral Junction Project 11 September 2009

Abstract

The Neutral Junction Project consists of a single exploration licence EL 24253, located north of Alice Springs. In December 2005, Hindmarsh Resources Limited (now Mega Hindmarsh Pty Limited) and Mithril Mining Limited entered into a joint venture agreement. The primary mineralisation model considered was for unconformity-related uranium at the contact between the basement rocks (metasediments of the Hatches creek Group) and the overlying sedimentary rocks of the Late Proterozoic Georgina basin sequence. Identification of a potential chemical trap, such as a cross cutting dolerite dyke or graphitic unit, was also used as a targeting criterion. Assessment of previous exploration data concluded that the target stratigraphy was absent from the area to be relinquished. Apart from an initial data review and a reconnaissance site visit conducted to these parts of EL 24253, during August 2006, no other exploration field work has been completed to date within the relinquished area of this tenement. In summary, the current active tenement area for EL 24253 consists of 140 blocks out of the original 454 blocks that were granted on the 7th April 2005. This report details exploration work completed within the block areas relinquished in September 2009 and May 2009.