Annual and final combined report GR199 on EL 24561, EL 25283 and EL 25334 Ngalia Project for the period ending 21 June 2016

Abstract

Exploration Licenses EL 24561, EL 25283 and EL 25334 covering the Ngalia Group (GR199) were granted to Element 92 Pty Limited on 22 June 2009, and were fully surrendered on 24 may 2016. These Licenses are located about 330 km NW of Alice Springs and 1200 km SW of Darwin. Element 92 Pty Ltd/Thundelarra Ltd are exploring these tenements for uranium and other commodities. The project area is located within the Ngalia Basin that is an east-west trending intracratonic basin, which contains a thick succession of Neoproterozoic to Ordovician shallow marine and fluvio-glacial clastic, carbonate and evaporitic rocks, overlain by Devonian and Carboniferous fluvial to continental sandstone, siltstone and shale. Geology of the project area is dominated by the presence of the Mount Eclipse Sandstone. It mainly comprises medium to coarse-grained arkosic sandstone, containing conglomerate lenses. Grey-purple hematitic sandstone is mainly confined to the base of the formation. Much of the project area is covered by Tertiary channel sand sheet, mudstone, calcrete and silcrete. Ancient palaeochannels are located within Tertiary sands which contain uranium mineralisation. This report summarises the work undertaken by Element 92 over the life of the tenement and during the last reporting period. During the life of the tenements group, the Ngalia Uranium project has been explored by high resolution magnetic/radiometric, AEM geophysical survey along with helicopter-assisted precision gravity survey from 2010 to 2012. During that period, Soil and rock chip sampling/assaying were also conducted which led to the identification of numerous exploration targets. Due to Element 92 change of focus from uranium to base metals, Ngalia tenements are no longer a priority for Element 92 and therefore are fully relinquished.