Annual Report Arnhem Land JV Project EL 5893, EL 24017, EL 25064, EL 25065 and EL 27059 16 March 2016 to 15 March 2017

Abstract

This report summarises the exploration completed on the five licences comprising the King River and Wellington Range JV Project area during the second year of the joint venture (JV). During the 2016 exploration period Cameco, on behalf of the joint venture, explored for uncomformity hosted uranium mineralisation within EL 25064, EL 25065 and EL 5893. Within EL 25065, 8 reverse circulation (RC) drill holes were completed at 2 prospects in the southwest and northwest part of the tenement for a total of 1780 m. Small, detailed mapping and sampling campaigns were completed across the southern parts of EL 25065. Within EL 5893, drilling was completed at 4 prospects across the tenement. Nine (9) diamond drill holes were completed for 2917.5 m, including 2 abandoned drill holes for 134 m. Nine (9) RC drill holes were completed for 1423 m. Two water bores drilled to source water for diamond drilling water, were completed for 100 m. A ground gravity survey was completed in the western part of EL 5893. A passive seismic survey was completed in the central part of EL 5893. Small, detailed mapping and sampling campaigns were completed in the central, western, and southwestern parts of EL 5893. Within EL 25064, a mapping campaign was completed across the north-central area. No field work was completed on EL 27059 or EL 24017 during the 2016 exploration period.