Sixth year relinquishment report EL 25222 Bamboo Creek, for period ending 8 November 2012, Daly River Project

Abstract

This report details exploration carried out by TUC on the year 6 relinquished ground for the duration that it was held. Work during Year 1 of tenure consisted of a review of both NTGS data, compilation of significant results from Industry reports and geophysical data review. Work during Year 2 included an airborne radiometric and magnetic survey (7,116 line km) on ELs 25222 and 25223, partly over the relinquished ground (approximately 1,040 line km's). An airborne electromagnetic survey (Geotech VTEM) was flown in to identify uranium prospective carbonaceous shale units, structures and unconformable basement at the Stromberg and Drax prospects. A helicopter reconnaissance program was completed on EL 25223 and EL 25229 followed by gridded soil sampling. A total of 19 rock chip samples and 68 soil samples were taken from within the relinquished ground. Best uranium rock chip results included 158ppm Uranium (U), and 95ppm U. Weakly anomalous Pb, Zn, P and Ag were also returned. During Year 3 TUC exploration focused heavily on the Daly River Group, and the newly identified uranium deposits discovered during year 2 on EL 25222 and EL 25223. A drilling collaboration was sought and awarded from the NT government for Diamond drilling at the Drax (Green) Prospect. Further geochemical work was undertaken at Drax (1 rock chip and 46 soil auger samples). During Year 4 soil auger sampling continued with 255 samples taken. A single diamond hole for 553.7m (as part of the NT government collaboration) was completed based on the results of the previous surface geochemistry and VTEM. The hole failed to intersect the targeted uranium prospective unconformity. In year 5, 13 Rock Chip pulps and 278 soil auger pulps from EL 25222, Drax (Green), 2009 exploration were submitted for REE Analysis. Significantly anomalous REE results were returned and were the reason for renaming the prospect to Drax. 22 RC holes for 604m and 201 samples were drilled to test the shallow potential of the REE mineralisation within the Tolmer sediments. No significant results were returned. No exploration was completed on the relinquished ground in year 6. The 56 blocks were relinquished as they were considered least prospective for rare earth element mineralisation. The relinquishment includes the Drax prospect which is considered adequately tested with soil and auger sampling as well as RC and Diamond drilling.