Combined annual report for CR109, EL 25222, EL 25223, EL 25224 and EL 25229 for the period ending 8 November 2009

Abstract

The project area is approximately 140 km due south of Darwin and consists of four tenements: EL 25222, EL 25223, EL 25224 and EL 25229. Land access is restricted on EL 25224 with numerous small freehold blocks, but access is good on EL 25222, EL 25223 and EL 25229. All four tenements have completed their third term. Partial reduction has been carried out for EL 25223 and a waiver for reduction approved for EL 25222. The tenement group is situated near the western margin of the Pine Creek Orogen with Middle Proterozoic sediments of the Tolmer Group mapped as overlying the western portion of EL 25222 and EL 25229. To the north EL 25224 is mostly over the Early Proterozoic Finniss River Group Sediments. In the east EL 25229 covers the eastern edge of the Daly Basin with Proterozoic sediments exposed along its western boundary. Territory Uranium applied for and was awarded an NT government drilling collaboration at the Green Prospect. This will assist Territory Uranium in testing the depth to uranium prospective basement rocks beneath the Tolmer sediments in an area where cover may be much shallower than previously believed. Exploration during the year included infill geochemical sampling on EL 25223, EL 25222 and EL 25229, with 548 soil and 125 rock chip samples taken. Reconnaissance sampling at a new target was undertaken on EL 25229, five geochemical samples and seven spectrometer assays were completed. An Auger program was commenced on EL 25222, 23 holes were completed. A 4,030 line km radiometric and magnetic survey was flown over EL 25223, EL 25224 and EL 25228 with 3,330 line km completed within the tenements relevant to this report. RC drilling was completed on EL 25223. Drilling targeted uranium mineralisation discovered at the Energy prospect last year. A total of 20 holes for 1147m were drilled, assays pending.