Final Surrender Report EL 24463 Walbiri Ngalia Regional Project 6 February 2006 to 24 May 2019

Abstract

EL 24463 (Walbiri) was part of the 100% owned Energy Metals Ltd (EME) Ngalia Regional Project situated approximately 360 km northwest of Alice Springs and 50 km southeast of the Bigrlyi Uranium Project (Kerr and Liu, 2015). EL 24463, initially 81 graticular blocks in size, was granted on 6 February 2006. Six blocks were surrendered on 8 January 2016 and 18 blocks on 6 February 2018. A third partial reduction (reducing the EL by 16 sub-blocks) was approved on 21 January 2019. EL 24463 ceased on 24 May 2019 following its amalgamation with adjacent title EL 32108. Mt Eclipse Sandstone, commonly under thin sand cover, occupies most of the tenement area; there are small areas of granitic and metamorphic basement of the Aileron Province in the north, and Cambrian units of the Ngalia Basin in the northeast. EL 24463 covered approx. 54% of the Walbiri uranium deposit, which has total resources of 7,037 tonnes U3O8, together with parts of the smaller Sundberg and Hill One satellite resources. All resource areas are now included in amalgamated title EL 32113. Exploration work on the relinquished blocks over Energy Metals' period of tenure included historical data compilations, aerial geophysical radiometric and magnetic survey with interpretation in 2007, a high-resolution helicopter radiometric and magnetic survey in 2014, field reconnaissance and project reviews in 2015, 2017 and 2018. Following the 2015 review, part of the original tenement was relinquished in the north. A further review occurred in 2017 following a gradient array induced polarisation (GAIP) survey, which suggested that prospective stratigraphy was unlikely to continue around the southern limb of the Mt Eclipse anticline. This was consistent with the results of the 2014 radiometric survey which did not indicate the presence of any significant uranium anomalies over the large Nama syncline structure in the south of the tenement. Ten historic diamond and percussion holes drilled on the southern part of EL 24463 intercepted 'red' and/or 'mottled' facies of the Mt Eclipse Sandstone, which is generally considered too oxidised to contain mineralisation, and no anomalous radioactivity was found. Accordingly, 18 blocks were surrendered in the south of the tenement. The 2018 review identified additional areas in both the north and south of EL 24463 that were considered to have low prospectivity for uranium and this ground was surrendered prior amalgamation of the licence with adjacent title EL 32108. This report covers exploration activities that occurred on the surrendered areas of EL 24463 during Energy Metals' period of tenure.