Fourth year reduction report for EL 25223 Green Ant Creek for period ending 23 November 2009

Abstract

EL 25223 is 130km south of Darwin (by road). Territory Uranium Company Ltd is exploring for uranium, and applied for EL 25223 to explore for U mineralisation. Second year reduction was undertaken with 362 blocks retained, 140 blocks dropped. Fourth year reduction resulted in only 151 blocks retained. This report details exploration carried out by TUC on the year 4 relinquished ground for the duration that it was held. Work during Year 1 of tenure consisted of a review of both NTGS data, compilation of significant results from Industry reports and geophysical data review. Work during Year 2 included an airborne radiometric and magnetic survey (7,116 line km) on EL 25222 and EL 25223, partly over the relinquished ground (1,025 line km). Subsequently a full assessment of uranium targets within 3 Daly River Project tenements EL 25222, EL 25223 and EL 25229 followed by a helicopter reconnaissance program was completed. No samples were taken on the relinquished ground during this program. During Year 3 TUC exploration focussed heavily on the Daly River Group, and the newly identified uranium deposits discovered during 2008's work on EL 25222 and EL 25223. Further geochemical work was undertaken at prospects Green and Energy but none of this exploration was on the relinquished ground. A Radiometric and magnetic survey was completed over EL 25223, EL 25224 and EL 25228 with a small section of the survey over the relinquished ground (220 line km). During Year 4, exploration RC drilling and diamond drilling was undertaken on EL 25222, EL 25223, and EL 25229 of the Daly River Group. None of the work was on the relinquished ground.