Annual combined report GR199 on EL 24561, EL 25283, EL 25334 Ngalia Project for the period ending 21 July 2013

Abstract

During the year under review, Element 92 Pty Ltd - Thundelarra Exploration Ltd undertook an appraisal of geological, geophysical and geochemical data in order to assess the mineral potential of the project area. For this purpose interpretation of geological and geological data was undertaken and data entered into relational and GIS data bases. A number of field visits were conducted for ground truthing. In addition, rehabilitation activities in the project area were undertaken, which involved rehabilitation of drill hole collars, pads, sample cleanup and maintenance of tracks. Due to extremely challenging conditions currently prevailing in both the uranium market and the share market overall, particularly for the junior exploration sector and the difficulty in raising new capital in this market, Element 92 is actively pursuing potential partners to provide the funding necessary to fully and rigorously explore the uranium potential of its Ngalia Project. Element 92 would envisage that exploration program with the consultation of potential partners would comprise soil - rock chip sampling of the project area which will be assayed for uranium and base metals mineralisation; a ground radiometric survey to be undertaken to check radiometric anomalies; and subsequent geological and geophysical interpretation to identify follow-up exploration targets. These targets would be drill-tested with a minimum of 30 holes. It is proposed to use air core, RC or MR drilling in such a program.