First annual report EL 25366 Wilora Palaeo-channel Uranium Project 11 January 2007 to 10 January 2008

Abstract

Uramet Minerals Ltd 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 Ltd within the Wilora tenement (EL25366) in the Northern Territory for the 2007 field season. The tenement was transferred from Elkedra Diamond NL during the 2007 season and covers an area of 1,422 km2. Exploration consisted of regional reconnaissance work, water bore sampling, vegetation sampling, aircore drilling, mineral chemistry and geochemistry analysis. A helicopter-borne electromagnetic (EM) survey took place in October 2007 with final data products to be supplied in early 2008. Regional field reconnaissance, water bore sampling, and vegetation sampling was carried out in July 2007 with promising anomalous uranium results returned. 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.