Charley Creek North Project Partial Relinquishment Report EL 33004 05 August 2022 to 22 August 2024

Abstract

The relinquished portion of Exploration License EL 33004, situated approximately 180 km northwest of Alice Springs and located on Narwietooma Station pastoral land, covers predominantly flat terrain characterised by quaternary alluvium. This area consists of aeolian, colluvial, and floodplain sands and clays overlaying Tertiary sediments and contains ephemeral channel belts transitioning into sandy streambeds. The underlying geology is dominated by the Mount Charlotte metamorphics, comprising mafic to intermediate granulite with mudstone, as well as alluvial fans derived from the MacDonnell Ranges and Strangways Metamorphic Complex. These formations are highly prospective for rare earth elements (REEs), uranium, and potential sediment-hosted metals, with additional potential in the underlying crystalline basement. The EL 33004 tenement lies within the Proterozoic Arunta Region, spanning parts of the Aileron and Warumpi Provinces and adjacent to the Ngalia and Amadeus Basins. This region supports multiple deposit style models, including IOCG-U, felsic intrusion-related uranium, palaeochannel-related uranium, and polymetallic metamorphic-related deposits. Limited historical fieldwork had left this area largely unexplored. Consequently, exploration efforts initially targeted both newly identified and underexplored prospects. URO's tenure involved extensive desktop studies and targeted field campaigns, which included surface sampling and preliminary soil and rock analysis using portable X-ray fluorescence (pXRF) and scintillometers. A total of 38 samples (32 soil and 6 rock) were collected and analysed, though no significant anomalies in target commodities were detected. Nevertheless, pXRF analyses indicated isolated elemental anomalies, including arsenic (23.5 ppm), barium (1939 ppm), cerium (113 ppm), and total rare earth elements (TREE >705 ppm), though these did not correlate with laboratory assays. Despite logistical challenges due to dense vegetation and limited accessibility, field campaigns provided valuable insights, though no substantial geochemical anomalies were confirmed. Rising tenement costs prompted URO to streamline its portfolio by relinquishing the eastern section of EL 33004 to prioritise areas with higher exploration potential. The relinquished portions of EL 33004 remain prospective, especially for REEs and sediment-hosted uranium, with potential for polymetallic deposits in the crystalline basement beneath the regolith. Future exploration should focus on expanding surface sampling, conducting targeted geophysical surveys, and pursuing air-core drilling in high-priority zones. Enhanced data integration from pXRF, scintillometer, and lab assay results will refine exploration models, improving understanding of the mineral systems within EL 33004 and guiding subsequent exploration.