Final annual report for Old Mount Peake EL 25735 for 22 October 2007 to 30 October 2012

Abstract

Upon acquisition of the project a desktop literature and data review was undertaken. This review showed the area was significant for uranium. Also the geological settings as well as the regional geophysical results were favourable for uranium deposit discovery. The review also revealed previous exploration strategies utilized only surficial and regional methods of soil and rock chip sampling. The completion of the desktop review lead to the commissioning of a 4,000 line km Electromagnetic and Radiometric survey of the Old Mount Peake Project area. The airborne geophysical survey on E25735 confirmed the presence of significant uranium anomalies exceeding e5.0 ppm equivalent (at several times background levels). It also confirmed structures from the geology, magnetic and radiometric patterns that could be targets worthy of further exploration. Analysis and interpretation of this survey identified 18 targets for follow up exploration, which were confirmed by a ground truthing exercise undertaken during a subsequent field visit. During this field visit, one anomaly was confirmed to be 3 kilometers wide with uranium bearing rocks discovered over a 100m by 50m width within the anomaly. Outcrop rock chip samples were taken, with assays returning 197 and 258 ppm U3O8. After a review of data, assessment of the area and evaluation. The outcome was to surrender the tenement.