EL 26140 Annual and final report for period ending 19 December 2011

Abstract

EL 26140 is part of a group of twelve (12) tenements comprising the Murphy Project in the northeastern part of the Northern Territory. Bondi Mining Limited was 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 2011 field season comprised an environmental audit which involved checking that rehabilitation of drill holes and tracks was completed on EL 26140. All drill holes were satisfactorily rehabilitated. Drilling in 2009 intersected Proterozoic basement at approx 400m depth in MURD011 so the potential for finding economic uranium at this depth is considered limited. The airborne EM survey conducted in 2010 did not locate a significant conductive unit (reductant for uranium mineralisation) within the basement. Based on the depth to basement and the cost of drilling to that depth EL 26140 was surrendered in total and no further work is recommended.