gpn & uranium

GPN just released a report, where they have an option to require some land in the NT in regards to uranium leases near some old uranium mine sites.



NORTHERN TERRITORY URANIUM PROJECT

Further to Greater Pacific Gold Ltd’s announcement of the 6 September 2005 the company is now in receipt of a preliminary report from Mr Schwann, Geologist, on the uranium prospects situated in the Mary River area in the Northern Territory.

Australian Uranium Pty Ltd has identified and secured 335 blocks of approximately 700 square kilometres in area situated 100 kilometres east of Darwin.

Australian Uranium Pty Ltd’s interest in securing uranium prospective land in this area emanated from the long term involvement of Mr Schwann and a local prospector dating back to the 1980’s combined with the company’s interest in the nearby Moline and Rockhole mines known as the South Alligator Mines.

These mines were discovered in 1953 and 1954 and operated from 1956 to 1964 processing 141,000 tonnes of ore and producing 856 tonnes of U3O8. A remarkable find was an 852kg piece of massive pitchblende (uranium oxide or U02) from the El Sherna open cut placed on display the Australian Museum Sydney.

The data has been assembled by a data search at the DoPIFM library as well as other sources and is being scrutinised and sorted to construct a more exact geological model and identify exploration targets.

Evidence has been provided that the two historic drill holes; some 3 and 6 kilometres east of Shady Camp had strong radiation and the source may have been Radon. Prospectors in the area are said also to have samples of radioactive yellow rocks indicating carnotite in outcrop.

Other magnetics show clearly two main features:
a) North east trending dolerites off setting the stratographic low magnetic areas of interest; and
b) Low magnetics correlated with the areas of radioactive results from reported drill holes and the carnotite find by historical prospectors.

The conclusion is that the area has produced most encouraging evidence to justify acquisition and that the exploration potential is positive with prospects of ore bodies. The company is now moving forward to completion of due diligence.


Denis McInerney
Chairman