EL 28261 Lyndavale East, Annual report for period ending 23 March 2012

Abstract

No on-ground exploration activities were completed in the current reporting period. Internal desktop based assessment of historic geological, geophysical and seismic when available data, looking for structural and stratigraphic traps for uranium associated with helium gas was conducted. A summary of historic data for EL 28261 includes: The primary objective was to identify one or more drill targets on/about the Devonian unconformity (400-500 m) or at shallower levels. The principal focus is the major northwest-southeast basement penetrating fault; and a wider area of interest is a rim syncline? above the Gillen salt diaper and potential area of fluid focus. Outcrop in the area is poor with some Devonian out/subcrop to the northeast as picked out on radiometrics. This is however outside the main focus. Considering the potential target depth in relation to Quaternary cover including salt pans, multi-element geochemistry is perhaps unlikely to be of definitive value. Road access however would make it easy to put two to three exploratory lines or a reconnaissance grid in to test the technique especially over the major fault. Two publicly available lines of seismic data may benefit from the reprocessing of shallow data (<0.5 second) however on their own probably make little advance. The presence of surface salt and possibly salt solutions upwelling along the fault would appear to be problematic for the AEM system or any electrical methods in delineating potentially real targets. High resolution (airborne) magnetics may be worth considering noting that in the Grants District, the uranium ore bearing section of the Westwater Canyon host sandstones is accompanied by extreme dissolution of Fe-Ti oxides; fresh magnetite and titano-magnetite are common in the surrounding non-mineralised sandstones. From the historical research an area within EL 28261 was determined of interest. The early stages of a drill program are being considered but following the final determination of exploration rationale.