EL 24992 Mamadawerre Project, Annual report, 2 September 2008 to 1 September 2009

Abstract

Mamadawerre is a uranium exploration project located in western Arnhem Land, operated and managed by Cameco Australia Pty Ltd. This report documents work in the first year of tenure for EL 24922, which was granted on 2 September 2008 for an initial period of six years. The tenement consists of 109 blocks with a total area of 365.1 km2. Exploration for unconformity style uranium mineralisation in the first year of tenure consisted of compilation of geophysical data with interpretation of mapping and hyperspectral data to generate sampling targets; outcrop sampling and mapping to determine alteration patterns and the mineralisation potential of the major lineaments in the Mamadawerre Project area. 52 outcrop samples were collected on EL 24992 during the reporting period. MM080407 collected in a stream at the intersection of NNE and SSE trending lineaments in the southeastern portion of the tenement returned the best result of 745.31 ppm U3O8. MM080407 is fine to medium grained, moderately hematite altered sandstone with abundant interstitial clay minerals. MM080411 located 20 m to the west of MM080407 returned 3.7 ppm U3O8. Eligible expenditure on EL 24992 for the reporting period was $53,960.02 Work proposed for the second year of tenure will include a detailed drainage study and further sampling in vicinity of MM080407 to determine the of source of the highly anomalous sample, MM080407, and further assessment and evaluation of the regional uranium potential of the tenement which may entail further regional sampling and reconnaissance work. Estimated expenditure for the 2nd year of tenure (2009-2010) is estimated at $30,000.