Final report on EL 24666

Abstract

Predictive Discovery Limited has been exploring EL 24666 for uranium and gold mineralisation based on similarities in the geological setting there with that of known unconformity-related uranium mineralisation in the Northern Territory. PD signed a farm-in agreement with Lagoon Creek Resources Pty Ltd in June 2010, under which it was entitled to earn a 51% interest in the EL and the nearby EL 24645 by expenditure of $2 million. Exploration during the 12 months to March 2011 consisted of reconnaissance geological mapping. Following this work, PD came to the conclusion that the EL's prospectivity for the target mineralisation was significantly lower than that of EL 24645. As a result, PD returned the EL to LCR in late 2010 and LCR has since relinquished it.