Annual report for EL 1199 Yungarra, 9 February 1980 to 9 February 1981

Abstract

EL 1199, Yungurra, covering parts of the uranium prospective Mt. Eclipse Sandstone was granted to AGIP on the 9 February 1977. The area was reduced by50percent from 9 February 1979 and again in 1980. Most of the work for the year concentrated on the Minerva Prospect, where drilling extended the known mineralisation by 2500m strike, and to a depth of 500m (results from one hole only). Best logged intersection for the year was 10m of 11,942ppm eU3O8 in hole Y315RD. Gold is associated with high grade U mineralisation, with best result of 1m of 19.2ppm Au from Y153RD. A study of the global resource at Minerva by CRA Consultants gave a contained resource of 1100t U3O8 above 100ppm U3O8 (700,000t with an average grade of 1600ppm U3O8).