EL 24565 Pandanus West Annual Technical Report for the period 18 May 2014 to 17 May 2015

Abstract

In the period 18 May 2014 to 17 May 2015 UXA Resources Ltd was mainly in administration (and under the control of an Administrator). UXA exited from administration on 5 May 2015, twelve days before the end of the reporting period. EL 24565 was granted to UXA on 18 May 2010. UXA is the nominated operator of the licence. The Pandanus West tenement is located within the Murphy uranium province in the Northern Territory and is considered prospective for world class Westmoreland-style and unconformity-style uranium deposits, and for volcanogenic base metal - gold deposits. The tenement is located at the boundary between the Palaeoproterozoic Murphy Inlier and overlying Mesoproterozoic McArthur Basin. The area is characterised by widespread Cainozoic cover and encompasses the buried western extension of the Murphy Ridge. During the reporting period, UXA conducted further detailed reviews of the geology of the tenement area and previous exploration work conducted on the tenement by past explorers. Previous exploration includes airborne geophysical surveys, ground geophysics, soil and stream sampling, and drilling This review has concluded that much of the previous exploration over the tenement was targeting diamond-bearing bodies, and did not take account of the possibility of other types of mineralisation being present in the area. Several of the targets identified in the diamond exploration programs show mineralogical and chemical characteristics of Westmoreland-style uranium mineralisation. Further mapping and soil sampling is warranted in the south and central-west portion of the tenement to determine the stratigraphic relationships of the mapped conglomerate bodies, and of the alteration zones intersected during previous exploration programs.