EL 25165 Final surrender report for period ended 6 November 2014

Abstract

The first 5 years of investigations by Uranex principally for uranium consisted of: a detailed low level airborne magnetic and radiometric survey and its processing and interpretation; a helicopter assisted ground check and sampling of uranium anomalies; A follow up Airborne Electromagnetic (AEM) survey and ground check of anomalies and drill access; and an RC drilling program was planned for years 4 and 5 but did not eventuate due to timing, contractors and weather. A farm in Joint Venture was created in year 6 and a complete literature search was completed by Rum Jungle Resources and historic holes plotted and located. Rum Jungle Resources explored EL 25165 principally for gold. During the main exploration year, Year 7 (2013), four rock chip samples were taken and six RC holes were drilled for 666 m, with a maximum depth of 133 m. Three holes targeted geophysical anomalies. Three were drilled at the historical Donkey Hill gold prospect in the Annaburroo Dome. The Donkey Hill prospect extended into Rum Jungle Resources contiguous EL 24468 and three holes were also drilled there. In the opinion of Rum Jungle Resources, the overall results of 2013 drilling downgraded the gold prospectivity of the Donkey Hill prospect and the Annaburro Dome generally. Drilling of geophysical targets during 2013 also failed to intersect any economic mineralisation. The Rum Jungle Resources / Uranex JV then assessed their respective commitments to EL 25165.