EL 28527 Wilora, Final report for the period 20 September 2011 to 19 September 2012

Abstract

Intercept Minerals Ltd was granted EL 28527 on 20 September 2011. The tenement consists of 237 blocks and is located within the area previously covered by tenements EL 25366, EL 25367 and EL 25993. Two of the tenements EL 25366 and EL 25367 had been held previously by associated companies, Elkedra Diamond NL and Uramet Minerals Limited. The two tenements were explored by Uramet for calcrete-hosted uranium mineralisation within the Wilora palaeo-channel, which is located approximately 180 km north of Alice Springs, NT. The currently reported tenement, EL 28527 contains the core areas of the potential uranium bearing ground identified in the previous exploration work on the two earlier EL's. During this first year of grant of EL 28527, the area has been reassessed, with office based reviews of all the data. Much has changed with regard to Uranium and the forecast price, and the optimism of earlier years is now more subdued. Given that no economic grade uranium mineralisation was located in the previous exploration of the Wilora palaeo-channel system, despite the drilling covering the majority of the entire drainage, the potential for an exploitable uranium resource to exist in the tenement is considered to be significantly downgraded. Similarly, the potential to generate other targets in the area, which may contain potentially viable uranium accumulations is considered to have a very low probability. Consequently, the tenement was surrendered in September 2012.