First annual report on EL 25367 Wilora Palaeo-channel Uranium Project and Mt Skinner Base Metal Project. 21 February 2007 to 20 February 2008

Abstract

Uramet Minerals Ltd identified the potential for a calcrete-hosted uranium occurrence within the Wilora palaeo-channel located approximately 180 km north of Alice Springs, NT. Potential for stratiform copper mineralisation and sandstone-hosted lead mineralisation in the Mt Skinner area has also been recognised (Dunster et al., 2007). This report details exploration work carried out by Uramet Minerals Ltd within the Mt Skinner tenement (EL 25367) in the Northern Territory for the 2007 field season. The tenement was transferred from Elkedra Diamonds NL during the 2007 season and covers an area of 1,284 km2. Exploration consisted of regional reconnaissance work, aircore drilling and geochemical analysis of rock chip and drill spoil samples. A helicopter-borne electromagnetic (EM) survey took place over the southeast part of the tenement in October 2007 with final data products to be supplied in early 2008. Regional field reconnaissance was carried out in July and October 2007 with promising anomalous copper and uranium results returned. A previously geophysically-defined fault zone was identified in the field. An extensive aircore drilling program within the Wilora palaeo-channel and a minor reconnaissance drilling in the Mt Skinner area was completed during the reporting period. A total of 114 holes for 1872 m were drilled within the tenement in September and October 2007. The drilling revealed an extensive uranium anomaly bordering on the western edge of the tenement with the best intersection within EL 25367 of 102 ppm uranium measured with a handheld XRF.