Fifth annual and final report on exploration activities, McArthur River Project, EL 25839

Abstract

The McArthur River Project is located approximately 200 kilometres east north east of Katherine in the Northern Territory. Exploration activities completed since grant of the tenement have included data compilation, reinterpretation of regional geophysical data, soil and rock chip sampling, XRF and scintillometer surveys, flying of an airborne electromagnetic (VTEM) survey (in conjunction with Geoscience Australia), a combination ground EM and Gradient Array IP / Dipole - Dipole IP survey and first pass RC drilling of the T1 target. The completed exploration has downgraded the prospectivity of the tenement with the surface geochemistry providing no evidence to support the presence of significant near surface mineralisation associated with the radiometric anomalies and the drilling completed at the T1 target intersecting extensive zones of disseminated sulphide mineralisation, predominantly pyrite, but no evidence of significant base metal mineralisation. No further exploration activity is recommended and the tenement has been surrendered.