Annual Report for MLN 578 Cobar II period ending 31 December 2014 Westmoreland Project

Abstract

MLN 578 covers the historic Cobar II uranium mine in the remote Westmoreland Uranium Province near the Queensland border. The title has been extant since 1955 and the location and shape of the title has changed over a dozen times. The most recent iteration agreed to by the then DPIFM was in 2010. This makes the area of MLN 578 6.47 hectares. MLN 578 was bought by NuPower in 2008. NuPower drilled seven diamond drill holes for 842.9 m during 2010. One hundred and nineteen samples (including standards, blanks and duplicates) were sent for analysis. The results were generally disappointing. These legacy data accompany this report in MRT format. Potentially significant mineralisation appears to be confined to a narrow hydrothermal breccia within the Blackwells Shear Zone and much of this has been mined out. There is documented historic production of about 70 tonnes of handpicked ore grading 10.52% U3O8. There is no JORC resource. All work by NuPower as operators has been rehabilitated. NuPower became Central Australian Phosphate which was taken over by Rum Jungle Resources. Rum Jungle Resources did not undertake any on-ground work on MLN 578 during 2014. The company continues to assess the prospectivity of MLN 578 and the desirability of the target commodity as well as any commitment to ongoing environmental monitoring.