GR490 Bowgan Project EL 29802 East Benmara, EL 30281 Coanjula Second Combined Annual Report for the period 4 December 2018 to 3 December 2019

Abstract

The Bowgan project is located in the Barkly Tablelands region of Northern Territory, approximately 250 km northeast of the regional centre of Tennant Creek. The project consists of four exploration licences; EL 29082 (East Benmara) and EL 30281 (Coanjula) which form the combined GR490, along with EL's 24115 & 24195 (Bowgan & Benmara) which are reported separately. An application for a fifth exploration licence; EL 32261 was lodged during September 2019. Exploration at the Bowgan project is currently targeting economic uranium +/- gold-copper, lead-zinc and diamonds. Exploration work completed on GR490 during the current reporting period included; preparation and analysis of 107 soil samples collected during a previous field campaign at 2 target areas by hand-held pXRF and interpretation of results, interpretation of geophysical, geochemical and geological datasets, and the commencement of planning for a program of first-pass exploration drilling. The soil analysis failed to confirm uranium at BW009 north-east, with no uranium or thorium values confirmed at BW008 south-east. The analysis did confirm zinc, lead, copper, cobalt and arsenic at low concentrations in some samples at both targets but the low concentrations suggested an outcrop effect, in associated with an underlying mafic lithology, as opposed to the presence of mineralisation. Elevated potassium, along with rubidium, thorium and arsenic correlated with a NW/SE fault at BW009 north-east, with potential for hydrothermal (potassic) alteration being postulated. Although no uranium values were confirmed by the pXRF analysis, potential for economic uranium at the BW009 north-east target is recognised with further assessment of existing samples, along with a new program of biogeochemical sampling being proposed. At BW008 south-east, interpretation of the pXRF results was considered to be inconclusive, with the proposed interpretation of ground magnetic data from this target being postponed as a consequence.