Partial surrender report on EL 24637 and EL 24625 Eclipse Uranium Project

Abstract

This report details the exploration activities carried out over recently relinquished parts of Cauldron Energy Ltd's licences EL 25625 and EL 24637, part of the Eclipse Project in the Northern Territory, during the period 8 December 2005 to 7 December 2009. Work included research, data base compilation, field reconnaissance, airborne geophysical surveying and Aircore drilling. Exploration conducted within the relinquished parts of EL 24625 and EL 24637 included three Aircore drilling programs comprising 274 holes for 6,247m (ECAC001 - 004, ECAC007 - 050, ECAC065 - 068 and ECAC184 - 405). A trail airborne Tempest EM survey was conducted during July 2007. A total of 42 line km was completed within the relinquished parts of EL 24625 including one 30km long E/W line and three isolated N/S line segments 3 to 5 km long. Within the relinquished parts of EL 24637, a total of 57 line km was completed, including one 18km W/W line and five isolated N/S line segments 5 to 9 km long. An airborne radiometric/magnetic survey was completed by UTS Geophysics in November 2007 as part of a larger survey conducted in association with neighbouring explorers Toro Energy Ltd and Energy Metals Ltd. The survey on 100m line spacing comprised 16,939 line kilometres (approx 1,500 km2) over Cauldrons tenements. Only a small section of the survey covers the central and southern part of the relinquished area. During late November 2009 these licences were subjected to compulsory fourth year partial surrender requirements by the DRDPIFR. Consequently, EL 24625 was reduced by 17% and EL 24637 was reduced by 50%.