Group annual report on EL 26875 Frazer Creek and EL 26876 Bundey River, for period ending 16 March 2010

Abstract

EL 26875 and EL 26876 were granted to NuPower Resources Ltd on 16th March 2009 for the purpose of uranium exploration. The oldest rocks exposed in the area are early Proterozoic metamorphics of Division 2 and Division 3 of the Aileron Region. These consist of the Perenti Metamorphics and the Ledan Schist. The Mount Swan Granite postdates these units. Overlying the early Proterozoic rocks are three Adelaidean units of the Georgina Basin - the Elyuah, Grant Bluff and Elkera Formations. Some basement rocks in the Aileron Province contain elevated background levels of uranium and thorium and have been explored for gold, base metals, rare earth elements and uranium. Although there are no reported mineral occurrences in the tenements in question, the most significant discovery to date in the region is the Nolans REE-U-Th-P near Aileron. In 1972 CRA Exploration Pty Ltd recognised that while these rocks may host primary deposits of uranium they also provide a potential source of uranium for secondary uranium deposits that may have accumulated in flanking Cainozoic basins. These tenements were taken out over a large radiometric uranium anomaly which will be the focus for NuPower exploration. Exploration to date has consisted only of office based literature research and evaluation of geophysical imagery. In April 2010 reconnaissance work of both tenements is planned.