EL 25165 Annual report for the period 7 November 2009 to 6 November 2010

Abstract

During Year 3, an AEM Survey was flown by Fugro Geophysics in association with Geoscience Australia (GA). After many delays, the initial survey data was received in May 2009. This was later processed and interpreted. Drill targets were chosen using these conductors, their potential host stratigraphy, proximity to surface uranium anomalies and accessibility. Drill follow up to test these litho-structural targets by Reverse Circulation drilling was to be done at the peak of the next dry season in year 4 when access is to the flood plains is available. Unfortunately there were delays in the approval of the Mine Management Plan (MMP) which was only received on 23rd September 2010. Efforts were made to organise staffing and drill contractors in time before the wet season. However rain began in October and with access to most holes crossing wet areas, access was not possible or dubious to most planned drill sites. This program is now planned for year 5 in the dry season preferably around May or June 2011. There are 6 planned holes on Swim Creek for approximately 900 metres of drilling. During May 2010 (year 4), a field reconnaissance was made to locate access to the planned drill sites. Some minor access upgrading will be required prior to drilling. Some access was still boggy in May. Any drill intersections will be followed up by further drilling in the next program either later in 2011 or in 2012. Project expenditure for the period 7th November 2009 to 6th November 2010 was $33,287.00.