EL 24868 Nabarlek North Annual report for the period 27 September 2014 to 26 September 2015

Abstract

For the period 27 September 2014 to 26 September 2015 UXA Resources Ltd was in administration (and under the control of an Administrator), exiting from administration on 5 May 2015. EL 24868 was granted to UXA on 18 May 2010. UXA is the nominated operator of the licence. The Nabarlek North tenement is located within the Alligator Rivers uranium province within the Pine Creek Orogen. The tenement covers a shallowly covered region of metamorphosed Precambrian basement which is highly prospective for unconformity-style uranium-gold-platinum group element deposits. During the reporting period, UXA conducted further detailed reviews of the previous exploration work, location and compilation of previous exploration data, evaluation of previous geophysical surveys, and compilation of exploration over the advanced Jagga and Ororo uranium prospects. The work completed has confirmed the significance of the Jagga and Ororo Uranium Prospects, which are both ready for further detailed delineation including RC drilling. A third prospect, Area 2, requires further exploration to explain the existence of anomalous geochemical results at surface above a significant cover sequence. Two further discrete EM geophysical anomalies require detailed follow up. The review of previous exploration data has concluded that the regional exploration surveys, particularly the airborne geophysical surveys, are unlikely to be able to detect an unconformity-uranium orebody of similar size to Nabarlek. It is recommended that a more detailed survey is required to be flown over the tenement area to aid in evaluation of the area.