Annual and final report over the Eclipse Uranium Project EL 24637, 8 December 2005 to 3 April 2013

Abstract

The Eclipse project comprises Exploration Licence 24637 and covers 464.7 km2 of carboniferous rocks of the Ngalia Basin, approximately 182km northwest of Alice Springs. The project is prospective for sandstone type uranium mineralisation similar to the southern New Well uranium deposit. This report describes the results of all the exploration work carried out during the tenure of the Licence. On 17th February 2012, the date of listing with the ASX, Eclipse Uranium became owners and operators of EL 24625, EL 24637 and EL 24808, which was previously owned by Cauldron Energy Limited. Over the past 2 years Cauldron and Eclipse have been part of the CSIRO Joint Systems Uranium study of the Ngalia basin. As a result of this study there has been an increased understanding of the geology and mineralisation styles across the basin. Exploration conducted within the relinquished parts of 24637 included three Aircore drilling programs comprising 274 holes for 6,247m (ECAC001 - 004, ECAC007 - 050, ECAC065 - 068 and ECAC184 - 405). A trail airborne Tempest EM survey was conducted during July 2007. A total of 42 line km was completed within the relinquished parts of EL 24625 including one 30km long E/W line and three isolated N/S line segments 3 to 5 km long. Within the relinquished parts of EL 24637, a total of 57 line km was completed, including one 18km W/W line and five isolated N/S line segments 5 to 9 km long. An airborne radiometric/magnetic survey was completed by UTS Geophysics in November 2007 as part of a larger survey conducted in association with neighbouring explorers Toro Energy Ltd and Energy Metals Ltd. The survey on 100m line spacing' comprised 16,939 line kilometres (approx 1,500 km2) over Cauldrons tenements. Only a small section of the survey covers the central and southern part of the relinquished area. During March 2013, consulting geologists Kastellco Geological Consultancy identified high potential uranium and magnetic exploration targets which resulted in the identification of several targets that warrant no further work, thus the tenement is to be relinquished.