Second and final report for EL 26459, period ending 23 April 2010

Abstract

EL 26459 comprIsmg 118 sqkm of mainly Waite Creek-Sandover River ephemerally drained flood-plain (flowing north north east since Holocene times,11500 years ago) is located on the ALCOOTA 250k mapsheet area 140km north east of Alice Springs. The recent alluvium deposits are underlain by Miocene(23-5Ma) terrestrial sediments of the intermontane Titri-Waite Basin whose provenance are the cropping out Palaeoproterozoic highly uraniferous ' hot' granites which surround the basin.Hence the area within EL 26459 is deemed prospective for; surficial calcrete-hosted uranium deposits, roll-front sandstone-hosted uranium deposits within Miocene palaeochannels and lacustrine carbonaceous silt and mudstone- hosted uranium deposits within the basal formation of the Titri (sic TiTree)Basin. A uraniferous groundwater sampling program was carried out from bores within and surrounding EL 26459 with a best result of 26 parts per billion uranium and 1380 ppb phosphorous from RN14245. Although elevated, the result is well down on the levels detected in groundwaters from bores surrounding Nolans REO-P-U deposit where values above 100ppb U are the norm. Within EL 26459 palaeodrainages as indicated by cropping out chalcedonic deposits within the upper Waite formation are from north to south which were however abruptly reversed at the beginning of the Holocene to what is now the north north east trending Waite Creek-Sandover River system. EL 26459 is still deemed prospective for all of the above Sed-U deposits however a geophysical approach is required namely HEM to accurately delineate the depth extent and location of prospective Miocene palaeochannels followed up by fences of RAB drillholes. The attached report 'Woodgreen Sedimentary Uranium Project' is a detailed summary of the uranium mineralization potential of the Titri Basin with particular emphasis on the Woodgreen l00k map sheet area where EL 26459 and EL 25504 are located. Unfortunately a global downturn in uranium oxide demand and subsequent lower prices have meant a lack of investor interest in uranium projects generally hence Haymac Prospecting PIL is somewhat reluctantly withdrawing from the Woodgreen Project area.