Annual technical report on EL 24249 Gaylad Creek for the period 7 December 2008 to 8 December 2009

Abstract

The Gaylad Creek Project consisted of one granted exploration licence EL 24249 originally covering 388km2 located approximately 140 kilometres east-southeast of Alice Springs. In 2009, 48 sub-blocks were relinquished from the tenement which now consists of 47 subblocks covering an area of 143km2. In April 2007 Atom Energy acquired the tenement by purchase from Imperial Granite and Minerals Pty Ltd and Mr. Robert Bruce Cleaver. This project is 100% owned by Atom Energy Ltd. The project is covered by the Alice Springs SF5314, Illogwa Creek SF5315 and Hale River SC5303 1:250,000 map sheets. The project lies on the Loves Creek and Ringwood pastoral leases; perpetual pastoral leases 995 and 320 respectively. Atom Energy intends to assess the potential for uranium and base metal mineralisation at these prospects. Work undertaken in this reporting period included: - A moving loop ground EM survey of approximately 8.5 line kilometers over an area of reversely polarised mafics in the central west of the project. - Rockchip sampling (41 samples) and - Regolith mapping