EL 23461 Myra Project Annual exploration report for the year ending 24 July 2004 2nd year of exploration

Abstract

This report describes exploration activity on the Myra exploration licence (EL 23461) for the year ending 24 July 2004. This is the second full year of exploration undertaken by Cameco Australia Pty Ltd (Cameco). Exploration work for reporting period included: 4 diamond holes for 1205.2 m (3 holes at Two Rocks (MRD-0103, MRD-104, MRD-0106 and 1 hole at Kyber Pass (MRD-0105); 50 RAB holes for 1234 m (all holes at Two Rocks); Outcrop Sampling (7 samples), mainly sandstone plateau north of Myra Camp; and Thin Sections from drill core from Two Rocks. At Tw Rocks, diamond drilling obtained a best result of 0.5 m at 1.1 % U3O8 from 36.5 m in MRD-0104. This did not confirm strike continuity of vein-hosted mineralisation intersected during the previous year. At Khyber Pass, drilling failed to reach its prescribed depth due to difficult drilling conditions. No anomalous radioactivity was encountered.