Geophysics and Drilling Collaborations Round 2 Results Drilling Daly River Uranium Exploration 'targeted drilling in covered terrain'

Abstract

Territory Uranium Company (TUC) conducted a drill program exploring for unconformity related uranium mineralisation at Project Green. The program was undertaken in collaboration with the Northern Territory Government's 'Bringing Forward Discovery' initiative, as one of the 2009/10 Geophysics and Drilling Collaboration projects. Drilling was performed in June-July 2010, during the third year of tenure on EL 25222. The drilling consisted of 2 diamond holes for 1,066.9m. Drilling targeted unconformitry style uranium mineralisation based on the interpretation of electromagnetic conductors which coincided with uranium soil anomalies and a north-south fault delineated from the electromagnetic sections. Unfortunately neither drillhole intersected the unconformity due to time and cost constraints (slow penetration costs) of the program. The two drillholes show the Tolmer Group sequence thins to the North. The drilling also determined the electromagnetic conductor to be the top of the Waterbag Formation, and the electromagnetic section shows the Tolmer Group also thins to the East. The cause of the Uranium soil anomalies remains unknown and the interpretation of a north-south structure remains unproven. These points have provided TUC with valuable insight into the Daly River region, and will assist with further exploration at Project Green and the surrounding Daly River Project.