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URANIUM – RARE EARTH ELEMENTS (REE)<br />

Limbla Project continued<br />

Late last year the company commissioned a detailed,<br />

low-level airborne geophysical survey involving the<br />

acquisition of over 10,000 line kilometres of high<br />

resolution magnetics and radiometric data. The survey<br />

covered 900 sq kms encompassing all areas exhibiting<br />

regionally elevated uranium values, including the<br />

Tourmaline Gorge and Albarta prospects. The survey<br />

was completed in January 2008.<br />

The survey results better defined the known prospects<br />

at Tourmaline Gorge and Albarta/H41. Importantly,<br />

a number of new areas were defined which represent<br />

targets for uranium mineralisation.<br />

A helicopter-supported geological reconnaissance<br />

and sampling program of some of the target areas was<br />

completed. Assay results show uranium values are<br />

anomalous but generally low. The Kay Creek and<br />

5 Mile Creek are lateritised gossans in dolomites of the<br />

Bitter Springs Formation, Uranium samples returned up<br />

to 24ppm, but of interest are elevated base metal values<br />

of up to 168ppm Co, 243ppm Cu, 160ppm Ni, 420ppm Zn.<br />

Three samples were collected from the Tourmaline<br />

Gorge prospect. The results show elevated uranium<br />

values up to 46ppm and thorium up to 28 ppm; together<br />

with elevated rare earths and anomalous barium<br />

values to 0.15%.<br />

No work was carried out on the primary target at<br />

the Albarta/H41 prospect. The exploration program for<br />

the following year includes detailed investigation<br />

of this and the rugged Tourmaline Gorge area using<br />

helicopter-borne radiometric equipment. This will<br />

define specific sites of interest for drill testing, planned<br />

to commence in 2009.<br />

Target Area Target Size & Intensity ( x background) Previous work completed<br />

Albarta / H41 5 kms long & 10 x b/g Mapping, sampling & drilling<br />

Tourmaline Gorge One kms long & 10 x b/g Limited mapping & sampling<br />

Kay Creek area Multiple sites up to 1.3 kms long & 8 x b/g Limited sampling<br />

Hale River One kms long & 10 x b/g New prospect<br />

Illogwa Creek 0.5 kms long & 4 x b/g New prospect<br />

Coulthards One kms long & 6 x b/g New prospect<br />

5 Mile Creek 1.5 kms long & 6 x b/g New prospect<br />

20

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