Annual report for EL 2505, EL 2506, EL 2516, EL 2517, EL 7029 and EL 9354 Tin Camp Creek for the period 12 September 2003 to 11 September 2004

Abstract

Work on the Tin Camp Creek tenements has focused on exploration for unconformity-style uranium deposits and in 2004 has consisted of: data compilation and review; helicopter supported drilling; detailed interpretation of airborne TEMPEST (Time Domain Electromagnetics) over the Algodo Prospect area (EL 2517 and 9354), the northern part of EL 2505, the Caramal Prospect (EL 2505) and the south of South Horn (EL 2506) flown in 2003; a Hymap survey over the Algodo tenements (final results awaited); rock chip sampling and prospecting. Drilling at NE Myra has identified a new zone of anomalous uranium. Drill holes TCNMD002-004 have tested over ~ 3km strike with weak mineralisation in all three holes to a maximum of 0.5m @ 453ppm U within broader (+10m) anomalous zones. There is also anomalous Au to 268ppb in some of these intervals. In particular TCNMD004 which was abandoned at 42m due to drill problems, ended in 0.5m @ 282ppm U plus 268ppb Au. The mineralisation is in the immediate hangingwall of a major east-northeast trending reverse fault with ~250m of vertical displacement. The mineralisation is hosted within chlorite altered units of the Myra Falls Metamorphics and is spatially related to extensive hematite breccias in both sandstone and basement. Drill hole TCTPD001 confirmed the conductive basement feature identified in TEMPEST data in the north of EL2505 is due to narrow graphitic shear zones, with a weak U anomaly in granitic pegmatoid of 4m @ 13ppm U (U/Th= 6.13). There is also 0.36m @ 23ppm U 7m below the unconformity. However this hole did not test the strongest portions of the conductive feature and further work is proposed. TCGUD002 drilled at Gurrigarri East intersected weakly anomalous uranium (5m @ 64ppm, U/Th =5.6) immediately below the unconformity but the controls on anomalous uranium in outcrop (up to 413ppm U) remain unresolved, and no further drill targets have been defined.