Annual report and final surrender report for the period 20 July 2008 to 6 July 2009

Abstract

The Plateau project consists of seven exploration licences (ELs 9928, 22368, 22369, 22447, 22825, 22827 and 23247) comprising 65 blocks with a total area of 217.9 km. The project is located in Western Arnhem Land, approximately 250 km east of Darwin. The ELs were granted to Cameco Australia Pty Ltd on 20 July 2005 for a period of six years. All subject tenements were surrendered on July 6th 2009 at the end of the fourth year of tenure. This report forms an Annual Report and Final Surrender Report. The Plateau project area is located within the eastern margin of the Neoarchaean and Palaeoproterozoic Pine Creek Orogen, and is in a region that has been subdivided into the Nimbuwah Domain of the Alligator Rivers region. The project area is dominated by the Caramal Inlier in the northern tenements (ELs 22368 and 22825), with extensive outcrop of Tin Camp Granite and Nimbuwah Complex, Zamu Dolerite and Oenpelli Dolerite. The remaining southern tenements are covered by rocks of the Kombolgie sub-group; dominantly basal Mamadawerre Sandstone, with stratigraphically higher Nungbalgarri Volcanics and Gumarrirnbang Sandstone occurring in the southwest of the project area. The focus of Cameco?s exploration strategy in Arnhem Land is the discovery of unconformity-related uranium deposits. The field program undertaken on the Plateau Project for the third year of tenure consisted of helicopter-supported ground activities, comprising geological mapping, reconnaissance, and outcrop sampling, restricted to ELs 22368, 22825, and 22447. 22 samples were collected and submitted for geochemical analysis. The highest uranium value returned was 5.33 ppm U3O8 (PL080504) from a semi-pelitic gneiss. The highest uranium result from sandstone came from sample PL080524, returning 1.03 ppm U3O8. The lack of encouraging results has downgraded the project, and it is considered that there are no remaining areas on the tenements requiring further work.