EL 23461 Myra Project Annual exploration report for the year ending 24 July 2005

Abstract

This report outlines work conducted on the Myra exploration licence (EL 23461) for the year ending 24th July 2005, the third full year of exploration undertaken by Cameco Australia Pty Ltd (Cameco). Work included: a) outcrop sampling, mainly on the sandstone escarpment north of Myra Camp; b) assessment of a potential drilling target at Khyber Pass; this involved re-sampling of historical drill holes completed by Uranerz in 1989; and c) review of the subeconomic Two Rocks uranium prospect. Work involved: i. re-sampling of historical Uranerz and Afmex holes, and data entry/data compilation of Cameco and historical drilling data; ii. collection of drill core samples for 40Ar/39Ar method of coarse white micas. Dating is being carried out at the Australian National University Research School of Earth Sciences (ANU RSES) in Canberra. Results are expected in late 2005; and iii. review of selected thin sections, with a focus on white mica occurrences.