Annual Technical Report EL 33440 Annual Report for the period 23 June 2023 to 22 June 2024

Abstract

This is the first annual report for Exploration Licence (EL) 33440, which is located approximately 30km North-West of Alice Springs. The licenses are owned and operated by URO Corporation. EL 33440, lies entirely within pastoral land and benefits from Alice Springs' infrastructure, including its airport and road connections via the Tanami Road and Stuart Highway. The tenement covers a geologically significant area within the Arunta Region, at the southern margin of the North Australian Craton, primarily within the Aileron and Warumpi Provinces. This region is characterized by complex geological features, including the drainage plains of the MacDonnell Ranges and the Strangways Metamorphic Complex, which are prospective for rare earth elements (REEs), uranium, and base metals. The exploration area is largely covered by Quaternary aeolian and alluvial deposits, with underlying Tertiary sediments that can reach up to 500 meters in thickness. These deposits are considered highly prospective for alluvial REE mineralisation and potential sediment-hosted uranium, particularly within the alluvial fans draining from the MacDonnell Ranges and the Strangways Metamorphic Complex. The surface geology is dominated by Quaternary sands, silts, clays, and outcrops of Cenozoic limestone, with sporadic exposures of basement rocks such as migmatitic gneiss and amphibolite from the Early Proterozoic Strangways Metamorphic Complex. During the reporting period, URO Corporation undertook several key exploration activities within EL 33440, including desktop studies, land access negotiations, surface geological reconnaissance and sampling. Initial field activities focused on geological reconnaissance, targeting outcrops and subcrops within the predominantly Quaternary-covered tenement. A total of 36 samples were collected, comprising 35 soil samples and 1 rock chip, which were analysed using a SciApps X555 portable XRF for 55 elements. QA/QC protocols ensured the accuracy of these analyses, which indicated anomalous regolith-hosted REE values exceeding 1,300 ppm TREO, along with minor anomalies in base metals and uranium. The findings from Year 1 have provided a solid foundation for further exploration, with plans for Year 2 focused on acquiring additional geophysical data to complement existing EM surveys and conducting an extensive surface testing and air-core drilling campaign. These activities aim to delineate the thickness of sediment cover, identify bedrock strata, and potentially define an inferred resource, setting the stage for more targeted exploration in subsequent years.