Final surrender report on EL 25881 and EL 26145, for the period 12 October 2008 to 31 May 2010, Explorer Project

Abstract

This surrender report details exploration undertaken by Truscott Mining Corporation during the period between 12 October 2008 and 11 June 2010 for the Explorer Group of tenements. The group comprises two adjoining Exploration Licenses including EL 25881 and EL 26145. Truscott Mining Corporation Ltd (TRM) controls 100% of the leases and as such is the tenement manager. Truscott Mining considered the Explorer Group of tenements as having the potential to host a significant deposit of Uranium mineralization. A review of remotely sourced geophysical data sets identified two areas with elevated responses for Uranium, Thorium and Potassium. The anomaly located within EL 25881 corresponds directly to a window within the Laingang Formation and directly onto the Goobaieri Formation. The window of Goobaieri Formations may be close to the basement. The anomaly in EL 26145 corresponds to a major regional fold closure and possible de-collement type feature with the NE trending fault separates the Laingang rocks from the basement. The presence of Whitewater Volcanic units which are Lower Proterozoic ages may be a source of uranium or alternatively a host for remobilised uranium mineralisation. Each anomalous area was tested and evaluated by a single line traverse of rock chip sampling. The sampling returned evaluated values for Uranium, Rare Earth Elements (REEs) and base metals. The better results included 13.2ppmU, 55.1ppmTh, 1.30%K, 245ppmCe, 119ppmLa, 53.5ppmY. 19.4ppmCu, 14.9ppmPb 12ppmZn in EL 25881 and 7.8ppmU 30.5ppmTh, 3.69%K, 96.7ppmCe, 52.6ppmLa and 29.7ppmY 5.3ppmCu, 14.1ppmPb, 20ppmZn in EL 26145. Followed up detailed rock chip sampling is required to determine the source of the elevated geochemical values and geophysical radiometric anomalism. TRM has decided to surrender EL 25881 and EL 26145 in order to focus its exploration elsewhere.