Annual final report, EL 24694 Murphy Project

Abstract

This annual report describes the work carried out on EL 24694 to 27 February 2012. EL 24694, which is located in the Southern McArthur Basin, on the northern edge of the Murphy Inlier, Northern Territory, is held by Murphy Uranium Pty Ltd; a wholly owned subsidiary of Bondi Mining Ltd. This exploration license was acquired because it is considered to have good potential for hosting unconformity type uranium deposits, similar to those located in the Alligator Rivers Uranium Field at the northern end of the McArthur Basin and sandstone hosted uranium mineralisation, similar to the Westmoreland deposit located to the east in Queensland. Concealed southern extensions of the highly prospective Emu Fault Zone are also interpreted to transect the area. Bondi Mining has been carrying exploration on this tenement since acquiring the licence from Buffalo Gold in 2007. This work has included geological and geophysical interpretations with targeting, alpha track sampling over major faults zones, Ionic leach soil sampling, close spaced RAB drilling over alpha track anomalies and wide spaced RAB drilling targeting phosphate deposits in the Georgina Basin limestone. In 2009 several three RC holes were drilled on anomalous uranium in soils targets. In 2010 part of a GEOTEM survey designed to locate conductive hosts for uranium mineralisation in the Proterozoic basement, was flown over part of the EL. Exploration activity during the 2011 field season included an environmental audit and drill hole rehabilitation. No significant uranium mineralisation was located on EL 24694 during the period of tenure and the geophysical and geochemical techniques used are not considered effective in locating uranium mineralisation under cover in the Proterozoic basement. However, much of this lease, particularly to the south-east appears to be 'floored' by the Nicholson Granite and therefore is not an attractive target. Due to the low prospectivity of the granite and the high cost of exploration under cover the decision was taken to let the EL lapse. There are a number of geological targets defined by Haynes that have not been tested (Esser, 2010).