Annual Report ELRs 46 to ELR 55 Bigrlyi Project period ending 17 November 2013

Abstract

Due to the present, depressed state of the uranium market and consequent limitations on the JV budget, exploration work undertaken in the current reporting period was set at minimum levels by the JV partners. Nevertheless a gradient array induced polarisation (GA-IP) survey was undertaken over the A4 and A15 ore bodies as an orientation trial to determine whether the technique would be useful in targeting prospective Mt Eclipse sandstone under cover. The survey yielded promising results for detection of reduced sandstone units and redox boundaries under thin sand cover and the technique was applied to nearby prospects on the adjacent EL 24453 in 2013 with some success. Additional work undertaken during the period included collection of bulk density data and on-going radiation and environmental baseline studies. If uranium market conditions allow an increase in the JV budget, then it is planned in the short term to undertake a program of resource expansion drilling mainly at the A2 and A15 deposits, together with optimisation of various technical aspects of the project including metallurgy, pit design and geotechnical investigation; these studies will build on the Bigrlyi Project Pre-Feasibility Study of March 2011. Positive results from this work combined with improved market conditions will lead to a decision to go to a Definitive Feasibility Study (DFS) in 2015-2016.