EL 9414 Partial relinquishment report to 3 November 2017

Abstract

Lagoon Creek Resources Pty Ltd (LCR), a wholly owned subsidiary of Laramide Resources Ltd, is exploring for sandstone hosted, unconformity related uranium in a number of Northern Territory tenements including EL 9414. In May 2011 LCR entered into an earn-in and joint venture agreement with Rio Tinto Exploration Pty Ltd (Rio Tinto); LCR would act as the operator. Rio Tinto is the registered holder of Exploration Licenses 9414 and 9319, collectively known as the 'Murphy Project', in the Northern Territory. The exploration license for EL 9414 was originally applied for in 1995 and subsequently granted in November 2011. LCR has been undertaking uranium and gold exploration on the relinquished ground in an attempt to find additional uranium deposits similar, and possibly related, to the Westmoreland uranium deposit. The exploration work undertaken by LCR for the sub-blocks to be relinquished has included desktop studies and an airborne magnetics and radiometrics survey which was undertaken in 2014 by Thomson Aviation utilising a Cessna 210 fixed wing survey aircraft. The survey comprised a total of 16,301.95km flown over the project area at 100m spacing, and a flight line to tie line ratio of 1:10. There has been no on-ground exploration on the ground being relinquished. It was decided to relinquish these sub-blocks so that LCR can concentrate exploration on the more prospective areas of the tenement; and to enable a more effective and efficient approach for on-ground work.