Partial relinquishment report on McArthur River project EL 25839 for the period 21 September 2007 to 20 September 2010

Abstract

The McArthur River Project is located approximately 200 kilometres east north east of Katherine in the Northern Territory. The project is located in the central portion of the McArthur Basin, which consists of platform cover sediments bounded by and unconformably overlying the Pine Creek, Arnhem and Murphy Inliers. The south eastern half of the tenement is dominated by the Roper Group and Collara Subgroups comprising largely thick interbedded fine grained glauconitic sandstones. Quaternary and recent alluvial sediments dominate the north western half of the tenement area. Exploration activities on the relinquished portion of EL 25839 consisted of a review of existing exploration data, high level targeting utilising reinterpreted regional geophysical data, compilation of public domain geological, geophysical and other digital data, reconnaissance sampling and scintillometer traverses of targets identified, flying of an airborne electromagnetic (VTEM) survey in conjunction with Geoscience Australia and first pass reconnaissance / prospecting (XRF/scintillometer survey) across targets generated from the VTEM survey. The work completed identified regional radiometric anomalies and a single broad conductive zone uranium target within the relinquished portion of EL 25839, however the XRF/scintillometer survey failed to identify any significant anomalism, with the XRF survey delivering a single anomalous reading with elevated zinc (1480ppm), uranium (16ppm) and lead (115ppm), whilst the scintillometer readings ranged from 26 to 50 cps. Exploration completed on the relinquished portion of EL 25839 downgraded the prospectivity of the regional radiometric anomalies and the single broad conductive zone uranium target, therefore no further exploration activity is recommended.