POTENTIAL, unless I read the wrong one Encouraging results were...

POTENTIAL, unless I read the wrong one
Encouraging results were obtained from fieldwork conducted over EL 3620, 3621 and 3622 during the June quarter of 2007.
Ongoing exploration identified a shallow sedimentary basin of Tertiary age. Surface sampling along the length of a 13 kilometre
structure within the basin returned numerous (20+) assays from a portable spectrograph from 100ppm to 440ppm U308.These
levels are economic in the event a suitable resource is defined with a drilling program.
Clayton Basin Prospect
The exploration program in relation to EL 3622 has identified a shallow sedimentary basin of Tertiary age and radioactive
anomalies and occurrences of the uranium mineral carnotite are widespread. Economically, carnotite is the most important
uranium mineral in a sedimentary deposit.
This basin is informally named the Clayton Basin and has an area of approximately 120 square kilometres. The basin margin is
scarp bounded in part, or comprises low plateau and mesa erosional landforms and has radial slopes and palaeochannels
orientated towards the basin depocentre. The unconformity between the Tertiary quartzose sandstones (Murnpeowie
Formation), and a deeply weathered profile (Morney Profile) developed in underlying Lower Cretaceous sedimentary rocks, is
exposed intermittently around the basin margin.The Murnpeowie Formation up to 2m above the unconformity has relatively high
radioactivity (above 100cps) and in places contains visible carnotite. Within the basin there are a few low scarps, associated with
faults and folds that also have above background radioactivity and have visible carnotite.
Notably, one scarp section averaging 3 metres in height has continuous ‘spots’ of carnotite over a horizontal distance of 1.2
kilometres. Broad areas between outcrops are covered by surficial sediments and these too emit anomalous radioactivity in many
places.
Surface sampling along a 13 kilometre structure in the Clayton Basin returned numerous (20+) assays from a portable
spectrograph between 100ppm to 440ppm.
Mumpy Prospect
In addition to the Clayton Basin Prospect, an area of possible concealed palaeochannels has been detected in airborne radiometric
mapping of adjacent licence, EL 3620. Although unconsolidated sediments can completely mask or attenuate measurable
radioactivity, three areas were identified in the field which have greater than 100cps radioactivity and are targets for
reconnaissance drilling.
The geophysical data has also highlighted a number of significant targets to be investigated.The Company intends to commence
sampling and mapping programmes to prioritise the identified targets which will form part of the Company’s initial drilling