EL 24253 Neutral Junction Project Fourth annual report for the period 7 May 2008 to 6 May 2009

Abstract

The Neutral Junction Project consists of a single exploration licence EL 24253, located 280 km north of Alice Springs. Work completed during this period included a review of geophysical, geochemical, mapping and petrological data from previous Mega Hindmarsh exploration programs and interpretation of data from NTGS-sponsored gravity survey program. No exploration field activity was completed by the company during this reporting period. The primary mineralisation model considered was for unconformity-related uranium at the contact between the basement rocks (metasediments of the Hatches Creek Group) and the overlying sedimentary rocks of the Late Proterozoic Georgina basin sequence. Identification of a potential chemical trap, such as a cross cutting dolerite or graphitic shale, was also used as a targeting criterion. No exploration field activity was completed by the company during this reporting period. Based on the exploration completed to date, further exploration of Target Area B is proposed during the 2009-2010 reporting period.