EL 5893, EL 24017, EL 25064, EL 25065 and EL 27059 Annual Report Arnhem Land JV Project 16 March 2015 to 15 March 2016

Abstract

This report summarises the exploration completed on the five licences comprising the King River and Wellington Range JV Project area during the first year of the joint venture (JV). On 9 February 2015, Cameco Australia Pty Ltd 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. During the 2015 exploration period Cameco, on behalf of the joint venture, explored for unconformity hosted uranium mineralisation within EL 25064, EL 25065 and EL 5893. Within EL 25065, 122 aircore drillholes were completed across the western part of the tenement for a total of 3286 m. Within EL 5893, diamond drilling was completed at 4 prospects across the tenement. Seven (7) diamond drillholes were completed for 2358.2 m. A resistivity and induced polarisation (IP) geophysical survey was completed across the central area of EL 5893. A ground gravity survey was completed in the northern parts of EL 5893. Termitaria sampling, resistivity and IP geophysical and ground gravity surveys were also completed in the southwest corner of EL 5893. A small mapping campaign was completed in the northeast part of the tenement. Within EL 25064, a mapping campaign (ground-truthing) was completed across the central area. Downhole IP surveys within open historic drillholes were completed at Aurari prospect in EL 25064. No exploration field work was completed on EL 27059 or EL 24017 during the 2015 exploration period.