EL 25064, EL 25065, EL 24017 and EL 27059 Annual Technical Review 16 March 2013 to 15 March 2014

Abstract

This report summarises the exploration completed on the four licences comprising the King River Project area during the period 16 March 2013 to 15 March 2014. EL 24017 and EL 27059 were granted on 3 September 2010 for an initial period of six years following which renewals for two year periods may be applied for. EL 24017 consists of 5 blocks with a total area of 15.66 km2. EL 27059 consists of 4 blocks with a total area of 8.3 km2. This reporting period for EL 24017 and EL 27059 is for the fourth year of tenure. EL 25064 and EL 25065 were granted on 5 July 2011 for an initial period of four years following which renewals for two year periods may be applied for. EL 25064 comprises 96 blocks with an area of 292.18 km2 and EL 25065 comprises 204 blocks with an area of 656.53 km2. This reporting period for EL 25064 and EL 25065 is for the third year of tenure. During the 2013/2014 reporting period Cameco Australia Pty Ltd explored for unconformity hosted uranium mineralisation across the King River project. The majority of the work was conducted at the Martin's Highway and Western Flank prospect areas where 24 Reverse Circulation (RC) drillholes were completed for a total of 4,071 m. No significant uranium results were returned. In addition to the RC drilling, one 351.6 m diamond drillhole was completed at the Western Flank prospect during the reporting period. The hole is interpreted to have intersected Archean aged rocks belonging to either the Kukalak Gneiss or Arrarra Gneiss. No anomalous uranium was intersected. An extensive surficial geochemical survey was completed across approximately 76.3 km2 where the Proterozoic basement was interpreted to be within 30 m of the surface across portions of EL 25064 and EL 25065. A total of 2,118 termitaria samples were collected and submitted for geochemical analysis. Some anomalous results were returned for uranium and for some of the critical path-finder elements used in the exploration for uranium in Arnhem Land. Interpretation of these results is ongoing. No ground or aerial geophysical surveys were completed across any of the tenements within the GR252-12 group reporting area.