Annual report for the period ending 30 March 2009 EL 26323 Hanson River

Abstract

EL 26315 (Hanson River) was granted on 31 March 2008 over an area of 139 km2 (45 blocks). Regalpoint Exploration Ltd is the sole holder and operator of this licence. The licence area is located 16 km north of Ti-Tree and traversed by the Hanson River and Stuart Highway. Alice Springs is approximately 200 km to the south. EL 26315 is considered prospective for calcrete and lignite hosted uranium in abandoned drainage channels of the Hanson River and / or palaeochannels within the Cainozoic Ti-Tree Basin. Hanson River is conceptual, greenfields-type project, although previous work by CRA Exploration Pty Ltd in 1979 identified what was described as a large anomalous zone of uranium cannel anomalies (MC 40, MC 42) in the southern portion of EL 26315. A sample taken from MC 40 yielded assay values of 10 ppm Pb, 150 ppm Zn, 850 ppm Cu, 130 ppm Ni, 50 ppm Co, 100 ppm Mn, 44 ppm U, and 18 ppm Th. Work undertaken during the reporting period included: (1) a review of previous exploration within and near EL 26315; (2) acquisition of ASTER imagery; (3) compilation of publicly available geological, geochemical and geophysical data into a GIS; and (4) reconnaissance exploration. No evidence for uranium mineralising processes or palaeochannels was recorded. However, approximately 80% of the area of EL 26315 is covered by recent wind-blown and alluvial sediments of unknown thickness. Measurements taken with a hand-held RS-125 Super Spec spectrometer of exposed Precambrian units yielded concentrations of up to c. 12 to 15 ppm eU within Palaeoproterozoic basement rocks, demonstrating the uranium source potential of the local basement rocks. Future exploration activities will test for the presence of potential uranium pathways (e.g., palaeochannels) and favourable trap sites (e.g., calcrete, lignite), and follow-up zones of anomalous uranium identified by CRA Exploration Pty Ltd in 1979.