Annual report on exploration activities, Pine Creek Project, for the period 18 April 2009 to 17 April 2010

Abstract

The Pine Creek Project area is located approximately 25 kilometres north west of Pine Creek in the Northern Territory. The project lies within the western portion of the Pine Creek Geosyncline, an Early Proterozoic meta sedimentary sequence underlain by gneissic and granitic Archaean basement. The sedimentary sequence consists of mudstones, siltstones, greywackes, sandstones, tuffs and limestones that have been metamorphosed to amphibolite facies. The sequence is intruded by dolerite dykes and sills and granitoid plutons. The project is considered prospective for unconformityrelated and vein hosted uranium deposits. Exploration activities during the reporting period consisted of review and interpretation of the airborne electromagnetic survey data and preliminary field investigation of one of the targets defined. The preliminary field investigation consisted of a reconnaissance and XRF survey on four east - west trending traverses. Data collected consisted of 364 XRF points and a single rock chip sample. The airborne electromagnetic survey identified two targets in the southern portion of the project: Stray Creek West and The Pines South. The XRF survey at Stray Creek West defined weak base metals anomalism, highlighted by a coincident Pb - Zn zone half way along the second traverse. No coherent uranium anomalism was defined, with only sporadic anomalous values. The airborne electromagnetic survey data and follow up ground based exploration has highlighted the prospectivity of the Stray Creek West base metal anomaly, whilst the Stray Creek uranium anomaly remains of interest due to its geological and geomorphological setting. Follow up exploration will focus on these anomalous areas in the south east of the project area, with further geophysics and ground based exploration proposed to assist in the definition of drill targets.