EL 9637 Mount Howship Project Annual report 15 May 2009 to 14 May 2010

Abstract

The Mount Howship project comprises one exploration licence (EL 9637), located in western Arnhem Land, approximately 250 km east of Darwin. The exploration licence was granted to Heavy Metal Resources Pty. Ltd. on 15 May 2009 for an initial period of six years. Cameco has formed a 50/50 joint venture with Heavy Metal Resources Pty. Ltd. The total area covered by the licence is 66.51 km2. There has been no previous exploration on the project. In 2008/2009, preliminary work was completed over the Mount Howship project consisting of geophysics without any field work. Airborne magnetics and radiometrics was flown at a height of 40 m with a line spacing of 100 m, totalling 732 line kilometres. An airborne hyperspectral survey was flown at a height of 2000 m totalling 60.95 km2 with a pixel size of 4.7 m. Aerial photography has also been flown with 90 cm pixel resolution. Anomalies generated by these surveys are intended to be followed up in the 2010 field season. Airborne electromagnetics (TEMPEST) is also planned for 2010. The total reportable expenditure for 2009 is $41,743.56 for EL 9637, which is in excess of the proposed $30,000. The estimated expenditure to complete the work program as planned for 2010 is expected to be in excess of $90,000. All coordinates are in GDA94 for this report except the raw hyperspectral data which is supplied in AGD66 Zone 53 coordinates, as provided by the contractor and in this case allowed by the NTGS due to its unusual nature.