EL 24196 Bowgan Project Eighth Annual Report for the period 7 December 2011 to 6 December 2012

Abstract

The Bowgan project is located in the Barkly Tablelands region of Northern Territory, approximately 250 km northeast of the regional centre of Tennant Creek. The project consists of three licences in total; EL 24196 (Creswell Downs), as well as two contiguous exploration licences; EL 24115 (Bowgan) and EL 24195 (Benmara) located approximately 100 km further east and reported on separately. Exploration at the Bowgan project is currently targeting the potential occurrence of economic uranium, gold and base-metal mineralisation. Exploration activity during the current reporting period included; the collection of 354 biogeochemical (vegetation) samples, geological mapping and collection of 6 rock chip samples, plus collection of 16 soil samples from 3 target areas. Interpretation of assay results from biogeochemical sampling completed during 2010 has confirmed geochemical anomalies in association with geophysical targets at one target area, with first-pass exploration drilling being recommended. Detailed interpretation is currently underway for the other two target areas.