EL 25378 Bundey River Surrender report 15 February 2007 to 14 February 2011

Abstract

In late January of 2008, a helicopter borne time domain electromagnetic survey (SkyTEM) was flown over the eastern half of the tenement. Modelling and interpretation by Montana GIS identified numerous drill targets. 27 Air Core holes were drilled totalling 1685m to test some of the anomalies before heavy rain ended the programme prematurely. The drilling program confirmed the presence of units of carbonaceous clays and lignite/coal coincident with the modelled conductive shells within the paleochannel which are potential hosts for 'roll front style' uranium mineralisation. Basement conductors were also drilled and were coincident with massive to semi massive pyrite in a quartz-biotite-magnetite gneiss. No significant assays results were returned from the drilling and the tenement was surrendered on 17 January 2011 near the end of Year 4 of tenure.