Annual exploration report for EL 25294 Saunders Creek for period ending 6 February 2008 Rum Jungle Project NT

Abstract

EL 25294 is located 18km northeast of Hayes Creek. Hayes Creek inturn is 170km southeast of Darwin on the Stuart Highway. The tenement is north of the Stuart Highway. Territory Uranium Company Pty Ltd is exploring for base metals and gold within this tenement. Work during Year 1 of tenure consisted of reviewing company reports obtained from DPIFM. Industry report shows that Pickford's was mined for lead (9 tonnes) and copper (20 tonnes) before 1955. Geochemical data were collated and replotted using MapInfo. Anomalies from the reviewed data lies mainly on the north eastern part of the tenement, on the old mine workings at Pickford's and near Saunders Creek fault zone. There are some high grade results from the geochemical and RC drilling work conducted in 1989/1990 on the old MCN148 (Pickford's) lease, but the location of the MCN148 block is not yet well established. This is because two field trips (13/03 and 27/03/2008) to the lease area were unsuccessful due to wet season. Exploration RC drilling and airborne Electromagnetic survey is proposed for Year 2 work program and will mainly target near the old mine workings at Pickford's and the Saunders Creek fault zone.