Annual report EL 23573 year ending 22 December 2006 Lagoon Creek

Abstract

In 2006 Laramide, through its wholly owned Australian subsidiary, Lagoon Creek Resources Pty Ltd (LCRPL), undertook compilation of historical exploration data into a GIS framework, interpretation of data from the 2005 airborne geophysical survey, helicopter-borne geological reconnaissance, helicopter-supported ground radiometric surveys, structural geology mapping and interpretation, earthmoving and, ultimately, RC drilling in EL 23573. The ground radiometric surveys were conducted over seven separate uranium targets identified in from the data acquired in the high resolution airborne geophysical survey carried out in the previous reporting period. Discrete uranium anomalies were confirmed at four of the targets with peak eU levels of 20-150 ppm. The drilling program was concentrated on the Northeast Westmoreland prospect in the NE corner of EL 23573. A total of 2814 metres was drilled in 23 RC holes which terminated at depths between 51-204 metres. Not all holes reach the desired depths due to uncontrollable inflows of groundwater in some areas. A total of 105 drill samples (1 metre intervals) were ultimately sent for analysis. Sample selection was on the basis of measured radiometric response on the bags of bulk drill samples. No results were to hand at the end of the reporting period. A major component of the 2006 exploration program was construction of a new access track into the project area from Wollogorang on the the Carpentaria Highway. This reduced the travel distance from the Highway to the exploration camp to about 60 kilometres. A further 30-40 kilometres of access tracks was installed through the project area, mainly along exploration tracks which had not been maintained for the past 15-20 years. Exploration expenditure during the current year of grant was approximately $1.3 million.