Annual and final technical relinquishment report EL 25223, for period ending 22 November 2012

Abstract

TUC Resources have held EL 25223 since 22nd November 2006, and are relinquishing the tenement at the end of the sixth year of tenure, 21st November 2012. Since gaining access to the licence TUC Resources have completed a historical review of the tenement examining existing prospects. TUC flew an airborne radiometric and magnetic survey on ELs 25222 & 25223. A follow up helicopter based reconnaissance trip identified two targets on EL 25223. Project Green, later renamed Drax, and Green Ant Hill. Rock chip, soil and soil auger sampling were undertaken at both prospects. RC drilling was undertaken at the Green Ant Hill prospect with 4 holes for a total of 310m. The short RC drilling programme tested the radiometric and geochemical uranium anomaly recently identified by TUC. Drilling targeted an electromagnetic conductor, identified from Geoscience Australia EM data, interpreted to be folded rocks similar to those at the nearby historic Rum Jungle uranium mine. Drilling intersected uranium prospective rocks beneath a shallow sequence of younger cover rocks. However, despite elevated gamma ray scintillometer readings, no significant results were returned from this phase of drilling. Project Green was drilled on two occasions, the first was a diamond drill program with one hole on EL 25223. The 513.2m hole targeted unconformity related uranium mineralisation and returned no significant results. The soil auger results were later submitted for Rare Earth Element (REE) analysis, with the REE anomaly being renamed to the Drax prospect. The Drax prospect was tested with a 22 hole RC drill program, however all holes were located on the neighbouring EL 25222. Due to other priorities and budget restraints TUC Resources was unable to further explore the tenement in the fourth, fifth or sixth year of the tenement.