EL 31449 Annual Technical Report for the period 7 September 2017 to 6 September 2018

Abstract

This is the first Annual Technical Report for EL 31449 prepared by Core Exploration Ltd (CXO) and includes detail of the work undertaken during the period 7 September 2017 to 6 September 2018. EL 31449 encompasses the Napperby Project (Napperby Uranium Deposit) which is 175 km northwest of Alice Springs. The tenement covers an area of around 714 km2 and is easily accessed by the Stuart Highway and Tanami Road. The Napperby project lies within the Arunta-Ngalia region and basement is comprised of Paleoproterozoic to Mesoproterozoic metasedimentary and granitic rocks. These are overlain by Neoproterozoic to Devonian Ngalia Basin sediments immediately north of the tenements, and in turn by Tertiary to Recent clastic sequences, derived by erosion of highly-radiogenic basement uplifts to the north in the Reynolds Range. The Napperby sequence is topped by a ferruginous alluvial horizon which exhibits extremely consistent thickness (averaging 0.5 m) over most of the area investigated. A gradual transition exists between the surficial alluvial layer and underlying calcareous horizon(s), most commonly a weathered orange/pink pedogenic calcrete. No on-ground or airborne exploration activities were undertaken over EL 31449 during the reporting period. A review of the Napperby Uranium Project resource estimation was undertaken following the acquisition by CXO of data concerning the Project from the government of the Northern Territory.