EL 26543 Millionaires Well Project Annual report for the period 9 July 2008 to 8 July 2009

Abstract

The Millionaires Well Tungsten Project is located about 200km north of Alice Springs and comprises four tenements that occur to the east of the Wilora Uranium Project and the Mount Skinner Base Metal Project. EL 26543 hosts the historical Millionaires Well tungsten workings, which were mined initially in the 1940?s. Work to date by Uramet includes a literature search of open file reports and other available data, a 500m spaced ground gravity survey, field reconnaissance and rock chip sampling. The historical workings at Millionaires Well, along with check assays by Uramet and others confirm the presence of tungsten mineralisation occurring within certain quartz vein sets within this area. The area of historical workings occurs within outcropping Palaeoproterozoic granite close to an interpreted contact with Bullion Schist of the Arunta basement. The areas along strike of, and to the north of the old workings are sand covered, therefore there is potential for strike extensions of the mineralisation, and possible repeats to the north. It is recommended that shallow trenching (less than 2m deep) be undertaken to test this possibility, followed up by RAB or RC drilling if required.