Annual report on EL 24549 Allamber Project for the period 26 June 2012 to 22 September 2013

Abstract

During the reporting period exploration consisted of soil sampling, auger soil sampling, prospect mapping, rock chip sampling, down-hole geophysical surveys and RC drilling. 20 conventional soil samples were collected at The Lead Prospect, 96 Auger soil samples at Hatrick Prospect and 13 rock-chip samples were collected in The Allamber Embayment. Down-hole EM was undertaken in one hole at Cleo's Prospect. Down-hole gamma logging was completed or attempted in 17 holes in the Cliff South and Lucas prospect areas. 7 RC holes for 889m and 251 assayed samples were drilled at Cliff South, Lucas and The Lead Prospect. Exploration work on EL 24549 has identified significant uranium and copper mineralisation that require further evaluation by drilling. At Cliff South drilling has intersected a zone of uranium mineralisation which has the potential to be larger and of higher grade than the known resources at Twin or Dam. It is anticipated that in the next reporting period further RC drilling will be carried out at Cliff South and Hatrick Prospects. Drilling at Lucas and The Lead Prospect has downgraded these areas, and no further work is anticipated.