EL 25758 Annual Report for period 3 October 2017 to 2 October 2018

Abstract

Angela Pamela (Jackson Cage, OML 100%) is a Sandstone Hosted roll front uranium project located in NT, 24 kms south of Alice Springs. The project contains a mineral JORC resource of 30.8Mlbs at 1,310ppm U308 using a cut-off of 300pm. The resource contains a high-grade zone and using a cut-off of 1,500ppm it contains a resource of 20.2Mlbs at 2500ppm U308. The Pamela and Angela deposits radiometric anomalies were originally found by Uranerz Australia Ltd in 1972 by an airborne radiometric survey followed by a car-borne spectrometric survey. Paladin acquired the Project tenements from Uranerz. A Paladin Energy Briefing discusses the NT government's attempt to 'quarantine' the uranium discovery by making it ' Reserved Land'. This was lifted in 2006. Paladin and Cameco completed a comprehensive drilling program on the resource costing an estimated $25 M over 8 years. EL 25758 (Angela) was granted 3/10/2008 to the Paladin / Cameco JV. EL 25759 (Pamela) is still an application. The uranium host rocks are the Upper Devonian (Frasnian to Famennian) Undandita Member of the Pertnjara Group fluviatile continental fluvial sediments are the important hosts EL application EL 25759 needs to be followed up with the DPIR Darwin, in that it is still an application whereas 25758 has been granted for over 8 years.