Final report on EL 25366 11 January 2007 to 13 January 2011

Abstract

Uramet Minerals Limited identified the potential for a calcrete-hosted uranium occurrence within the Wilora palaeo-channel approximately 180 km north of Alice Springs, NT. This report details exploration work carried out by Uramet Minerals Limited within EL 25366 between 21 11 January 2007 and 13 January 2011. The tenement which was originally held by Elkedra Diamond NL was transferred to Uramet Minerals Limited during the 2007 season. The original tenement size was 477 blocks, covering an area of 1,422 km2. Exploration consisted of regional reconnaissance work; water bore sampling, vegetation sampling, aircore drilling, mineral chemistry and geochemistry analysis, VTEM and gravity. As part of an extensive aircore drilling program 127 holes for 2,374m were drilled within the tenement in September and October 2007. The drilling revealed an extensive uranium anomaly with the best intersection of 200 ppm uranium measured with a handheld XRF. Mineral chemistry (scanning electron microscope (SEM) work on 6 samples) revealed a better understanding of the timing and mechanism of the calcrete system. Geochemistry (XRF and ICP on 214 samples of 16 drill sites) identified main mineral phases and chemical composition of the palaeo-channel system.