King River Project EL 734 Annual and final report 13 May 2005 to 12 May 2006

Abstract

This report describes exploration work undertaken within Exploration Licence 734 during the tenth and final year to 12 May 2006. The licence area is located in northwestern Arnhem Land and was initially granted on the 13 May 1996 for a period of six years. A two year renewal was granted in March 2002 for the period ending on May 12 2004. A second renewal of the licence area was applied for at the cessation of the initial two year period. The second application was approved in April 2004, the licence being renewed for the final 2 years commencing 13 May 2004. The exploration program was managed by Cameco Australia Pty Ltd on behalf of the Nadjinem Joint Venture partners, Cameco Australia Pty Ltd and the Nadjinem Aboriginal Corporation. The primary exploration target is for unconformity related uranium deposits similar to the nearby Ranger, Jabiluka and Koongarra deposits and the now depleted Nabarlek mine. The current years exploration activities consisted of Diamond and RAB drilling. The RAB drilling was utilised to continue exploration in the vicinity of the NIM20 airborne anomaly located near the western boundary of the licence. Two diamond core holes further explored the alteration zone at the Fishtail uranium prospect.