Final surrender report for EL 30002 Walbiri South, Ngalia Regional Project for the period 9 Apil 2014 to 8 April 2018

Abstract

EL 30002 (Walbiri South) is part of the 100% owned Energy Metals Ltd (EME) Ngalia Regional Project situated 360km northwest of Alice Springs and 30km southwest of Yuendumu, bordering the Nyirripi-Yuendumu road. EL 30002, originally 14 graticular (part) blocks, was granted on 9th April 2014 for six years. EL 30002 was acquired to explore for extensions to uranium mineralisation of the Walbiri deposit within folded Ngalia Basin strata of the Nama Syncline and Bean Tree Anticline. The main exploration activities on EL 30002 involved acquisition and interpretation of regional geophysical imagery and reconnaissance prospecting activities. Following a prospectivity review in 2016, seven (part) blocks of EL 30002 located in the western part of the tenement were judged to be non-prospective for uranium and were relinquished on 24th March 2017. Following a geophysical ground IP program in 2017 on adjacent EL 24463, it was considered that mineralisation from the Walbiri deposit is unlikely to extend beyond the southern limb of the Mt Eclipse syncline and therefore onto EL 30002. Based on these conclusions the remaining seven blocks of EL 30002 were judged to be nonprospective for uranium and on 9th April 2018 the tenement was surrendered in its entirety. The southern portion of EL 24463, abutting EL 30002, was also surrendered in 2018.