Relinquishment report for EL 27850 Yambia South for the period 17 August 2010 to 23 June 2011

Abstract

EL 27850 Yambla South, was acquired by UXA Resources Limited primarily to explore for amphibolite hosted uraninite and/or pegmatite related uranium mineralisation. The tenement was granted to UXA on 17/08/2010 for six years. Secondary targets included nickel-copper semi-massive and disseminated sulphide mineralisation associated with metamorphosed amphibolites; pegmatite hosted REE mineralisation; amphibolite hosted PGE and Ag-Pb-Zn mineralisation within Neoproterozoic gneiss. During the first ten months of tenure, UXA undertook compilation of previous exploration data; compiling, levelling, reprocessing and re-imaging of regional NTGS aeromagnetic and radiometric data sets; preliminary interpretation of the geophysical datasets; surface rock chip sampling (11 samples); and reconnaissance geological mapping. This work generated no significant anomalies for follow-up and as such the potential of the area to host a mineralised system of economic grade has been downgraded. A decision therefore was made to relinquish the exploration licence in full.