Lagoon Creek Project EL 23573 Annual Report for period ending 22 December 2017

Abstract

During the 2016-17 term, LCR undertook a review of the short-wave infrared (SWIR) scan data of drill core and developed an exploration plan based on the current results of the mineral systems review. The minerals system review incorporates influencing factors on mineralised deposition and has been used successfully by Canadian explorers in the Athabascan Uranium Province. The mineral systems approach brings together the various aspects of structural architecture, sedimentology, fluid sources and pathways from regional to prospect scale. The mineral systems approach/study has incorporated solid geology interpretation, sedimentological analysis, multi-element geochemistry analysis, SWIR spectral data collection and assay of drill core and rock chips, including a total of 5,359 spectra samples taken from 39 drill holes sourced from EL 23573. Analysis of the SWIR scanning of the drill core shows common minerals to be chlorite, dickite, dolomite, kaolinite, montmorillonite, sericite, sericitic-chlorite and sericitic-kaolinite. Areas which have encountered mafic volcanics generally display a mix of chlorite, sericitic-chlorite, montmorillonite, kaolinite and sericitic-kaolinite. The sandstones generally only show a sericitic composition. Varying sericitic and chlorite wavelengths are present throughout drill holes. There are occasionally spikes, however, it is unclear what these are related to. There are sometimes larger spikes in sericite and chlorite wavelengths with uranium mineralisation, however, in order to determine a pattern to the wavelength magnitude, additional sampling and scanning of unmineralised 'background' rock is required. Following this, it is considered statistical analysis would further determine a relationship between mineralisation and mineralogy.