Final report for EL 22826, EL 23370 and EL 23371 Meikinj Valley Project for the period 31 August 2008 to 30 August 2009

Abstract

Meikinj Valley is a uranium exploration project located in Western Arnhem Land, operated and managed by Cameco Australia Pty Ltd. Meikinj Valley Project consists of three Exploration Licences (ELs) 22826, 22370 and 22371 granted to Cameco Australia Pty Ltd on August 31 2005 for a period of six years, and covers an area of 134.67 km (45 blocks). In August 2008, in accordance with regulations outlined in Sections 26 and 27 of the Mining Act, 7 blocks from EL 22371 were relinquished. This report documents all the work undertaken on the now surrendered Exploration Licences 22826, 22370 and 22371. Exploration work conducted during the four years of tenure comprised regional outcrop sampling in all the three Meikinj Valley tenements and aircore drilling on EL 22371 and EL 22826. Thirty-eight outcrop samples were collected during 2006 field season and 569 aircore holes were drilled for 7,913 m over two years to determine alteration patterns, background geochemistry and to delineate uranium anomalies as indicators for potential mineralisation at depth. Aircore drilling indicated that the uranium mineralisation at historical prospects ?Anomaly 12? and ?Robbies? is restricted to the near surface zone, probably a result of scavenging of uranium from the low content uranium bearing basement rock units and local enrichment due to near surface weathering processes, thereby downgrading the prospectivity of the area. There have been no encouraging results returned from the exploration work carried out to date; therefore Cameco Australia is surrendering Exploration Licences 22826, 22370 and 22371.