Annual combined report GR201-11 on EL 24549 and EL 25477 Allamber Project for the period 26 June 2011 to 25 June 2012

Abstract

During the year under review, a dedicated exploration program was undertaken to test the mineral potential of the project area, with specific focus on minerals systems along the contacts with the granitic bodies. Exploration program involved geological mapping, high resolution geophysical survey, soil/rock chip sampling, drilling and assaying. A total of 23 reverse-circulation (RC) holes for 2,877 metres were drilled within EL 25479 within and around Hatrick Prospect in the north, and Dam, Cleo's, Cliff, South Cliff, Twin and Lucas Prospects to the south. Geological mapping was undertaken at Hatrick and South Cliff Prospects. Ground geophysical surveys (magnetic, radiometric and gravity) were completed at various prospects within this EL. Drilling at Hatrick intersected significant copper mineralisation in several holes within the prospect with a peak intercept of 19 metres at 1.94% copper. Drilling at Cliff South intersected ore-grade uranium mineralisation in several holes with a peak intercept of 8 metres at 1579 ppm U3O8. At Cliff South, apparently significant graphite mineralisation was also encountered.