The geology outline and potential information in this market...

The geology outline and potential information in this market announcement has been compiled by Mr Kim
Stanton-Cook who is a Member of the Australian Institute of Geoscientists. Mr Stanton-Cook has in excess
of 5 years experience which is relevant to the style of mineralisation under consideration and qualifies as a
Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral
Resources and Ore Reserves (the JORC Code).” Mr Stanton-Cook is a consultant to Fast Scout Limited. Mr
Stanton-Cook consents to the inclusion of the geology outline and potential information section of this
market announcement in the form and context in which it appears.
MARKET ANNOUNCEMENT
ACQUISITION OF URANIUM TENEMENTS
The Directors of Fast Scout Limited (“Fast Scout”) are pleased to announce the
Company has entered into an agreement with Hume Mining NL (“Hume”) to acquire a
75% interest in a suite of uranium exploration tenement applications located
principally in the northern part of the Ngalia Basin in the Northern Territory
(“Tenements”).
These Northern Territory Tenements, having a total area of approximately 1,666
square kilometres are adjacent to tenements surrounding the Bigrlyi Uranium Deposit
(held by recent uranium float, Energy Metals Limited – ASX Code: “EME”).
In particular, Exploration Licence Application 24879, being one of the Tenements the
subject of the agreement with Hume, lies 5 km south of the Bigrlyi Uranium Deposit
and is regarded as a key tenement by Hume. As outlined below, Fast Scout’s initial
examination of the geology of such tenement indicates that it may contain a similar
geological environment as that hosting the Bigrlyi Uranium Deposit and has a potential
for economic uranium mineralisation.
The acquisition of these Tenements from Hume is referred to in this announcement as
the “Hume Mining Tenement Acquisition Agreement” (a copy of which is contained in
Annexure A).
GEOLOGY OUTLINE AND POTENTIAL
The Bigrlyi Uranium Deposit occurs in arkosic sandstones in the lower part of the late
Devonian-late Carboniferrous Mt Eclipse Sandstone which is host to 20 regional
uranium prospects and radiometric anomalies principally in the northern margin of the
Ngalia basin.
The Bigrlyi Uranium Deposit is regarded as a typical “modified roll front deposit” where
uranium bearing oxidizing fluids meet with reducing conditions in layers of
predominantly carbonaceous matter in a permeable formation.