EL 26138, EL 26139 and EL 26140 Annual report Murphy Project 2010

Abstract

EL's 26138 to 26140 are part of a group of twelve (12) tenements comprising the Murphy Project in the northeastern part of the Northern Territory. Bondi Mining Limited is conducting exploration for unconformity and sedimentary hosted uranium mineralisation, analagous to the unconformity deposits of the East Alligator River Region (e.g. Jabiluka) of the Northern Territory, and the Westmoreland deposit in northwestern Queensland respectively. Exploration during the 2010 field season comprised an Airborne EM survey in September 2010 which covered the eastern edge of EL 26140. This data has been processed and preliminary modelling and interpretation of the data was completed. Further interpretation and modelling of the data will conducted during January and February 2011. Future work in 2011 will include modelling and interpretation of the AEM survey data and drilling the 'Goblin' magnetic target. EL's 26138, 26139 and 26140 were reduced by approximatley 50% on 19 December 2010.