EL 5893, EL 25064, EL 25065, EL 24017 and EL 27059 Annual Report Arnhem Land JV Project 16 March 2014 to 15 March 2015

Abstract

This report summarises the exploration completed on the five licences comprising the King River and Wellington Range JV Project area during the period 16 March 2014 to 15 March 2015. 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. 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 5893 was granted on 5 May 2004 for an initial period of six years. Upon granting, the total area under licence was 269 blocks for 856.4 km2 of which 378.8 km2 (44%) was excluded from exploration by the Northern Land Council. During this reporting period an expenditure project area (EPA) was granted for all 5 tenements in the King River and Wellington Range Project. During the 2014/2015 reporting period Cameco Australia Pty Ltd explored for unconformity hosted uranium mineralisation within EL 25065 and EL 5893. Within EL 25065, aircore drilling was undertaken with a total of 106 aircore drillholes completed (3153 m). A mapping campaign was completed to determine rock types and distributions across the tenement and the adjacent EL 24017. Within EL 5893, a resistivity and induced polarisation (IP) geophysical survey was completed across the central area of the tenement. No drilling was completed within EL 5893 during the 2013/2014 reporting period. No exploration field work was completed on EL 25064 or EL 27059 during the 2014/2015 reporting period. On 9 February 2015, Cameco entered a joint venture with Rio Tinto Exploration Pty Ltd (RTX). Under the terms of the joint venture agreement, RTX may earn an interest in all five tenements through meeting certain expenditure requirements. Cameco is the manager and will perform all exploration activities on the tenements on behalf of the joint venture partners.