Annual Report EL 9637 Mt. Howship Project, 15 May 2013 to 14 May 2014

Abstract

The Mount Howship project comprises one exploration licence (EL 9637), located in western Arnhem Land, approximately 250 km east of Darwin. The exploration licence was granted to Heavy Metal Resources Pty Ltd (Heavy Metal Resources) on 15 May 2009 for an initial period of six years. Cameco Australia Pty Ltd (Cameco) has formed a joint venture with Heavy Metal Resources and was the operator of the project during the reporting period. The total area covered by the licence is 66.51 km2. The focus of Cameco's exploration strategy in Arnhem Land is the discovery of unconformity-related uranium deposits. The archetype unconformity-style uranium deposits are found in the Athabasca Basin in northern Saskatchewan, Canada. The prospective nature of the Alligator Rivers region is demonstrated by the presence of nearby deposits at Ranger, Jabiluka, Koongarra, and the now depleted Nabarlek Mine. These major deposits appear to have a common position relative to the base of the Kombolgie Subgroup i.e. the Paleoproterozoic unconformity, or to its erosional margin, and serve here as regional exploration models. The Mount Howship tenement is considered to be prospective for uranium mineralisation because of the confirmed presence of an unconformity between metasedimentary packages of Cahill Formation and the overlying Kombolgie Subgroup, as well as additional structural complexity. Desktop studies and research of historical data were the main focus of work in 2013. No field work was completed.