EL 24921 and EL 24922 Tin Camp Creek Project Annual Report 1 June 2011 to 31 May 2012

Abstract

The Tin Camp Creek project comprises three Exploration Licences (ELs), EL 24921, EL 24922 and EL 25002 and are held by TCC Project Pty Ltd, a wholly owned subsidiary of Alligator Energy Ltd. In May 2012, an application for amalgamated reporting of the Tin Camp Creek Project was approved. As EL 25002 formerly had a different anniversary date to ELs 24921 and 24922, a bridging report will be lodged separately for EL 25002 to bring reporting dates into unison. This Annual Report is in respect of ELs 24921 and 24922. The ELs were granted on 1 June 2007 for a period of four years with renewal applications lodged on 2 February 2011 for an additional 2 year period. The tenements are located in western Arnhem Land approximately 250 km east of Darwin and 50 km northeast of Jabiru. The tenements are considered prospective for unconformity-style uranium deposits similar to Ranger, Jabiluka, Koongarra and Nabarlek. Geology within the tenements is broadly equivalent to that at the known deposits in the Alligator Rivers Uranium Field and consists in part of equivalents of Lower Cahill Formation of the Pine Creek Orogen (PCO) overlain in places by the lower Kombolgie Sub-group sandstone. The Tin Camp Creek Project area has been explored intermittently since 1970 resulting in the discovery of the Caramal deposit, South Horn prospect and the Two Rocks prospect, which have been the focus of considerable drilling and exploration. Exploration work commenced on the tenements by Alligator Energy towards the end of the 2010, with Alligator Energy's first full season being documented in the report. Work undertaken during the 2011/2012 tenure year included 33 Diamond drill holes for 4393.2 m, rock chip samples, ground radiometric surveys, the completion of a detailed airborne magnetics and radiometric survey with total line kilometres of 3106 km, flown at 50 m line spacing and 45 m flight height, in the eastern part of the project area, and the commencement of a detailed ground based gravity survey in the Caramal to South Horn area. The outcome of the field activities produced a greater understanding of the geology, the structural controls of mineralisation. This cumulated with a JORC resource being completed for the Caramal deposit. Using a 1,000ppm U3O8 cut-off, the Inferred Mineral Resource for the Caramal deposit is 943,905t at 3,143ppm U3O8 containing 2,934t U3O8 (6.47Mlb U3O8). In addition to this field work there has also been continued work in re-establishing the Myra Camp, preparation of various compliance documentation, conducting safety and environmental audits and continuing to assist regional stakeholders with ongoing weed management programs.