As many of you are aware this is from the half yearly report and is quite detailed in current prospects. You will notice words like "anomoly 2km's by 4 km's" and also words like URANIUM and GOLD. Thow in another acquisition and the question one must ask is Will this be under 2cps for very long???
Operations The board continues to seek out additional opportunities that are complementary to the Companys existing asset base and that will add shareholder value which has resulted in the Company acquiring 100% ownership in Macphee Resources Pty Ltd on 23 November 2009 (Macphee Creek) and entering into the MOU to acquire 100% interest in North Doolgunna Metals Pty Ltd on 3 February 2010 (North Doolgunna). Macphee Creek The Macphee Creek Exploration licence (E80/3243), situated in the East Kimberly region of Western Australia, is centred on a belt of Proterozoic granite. It contains five documented uranium occurrences, as well as a number of significant but untested radiometric anomalies. The exploration work previously undertaken included rock chip sampling which had returned assay values of up to 0.85% U308, and numerous areas of anomalous high uranium scintillometer readings. The nature of the primary uranium mineralisation, recorded by previous experts and geological structural setting indicates that the area has the potential for both a large tonnage and high grade uranium resource. In October, the Company identified in the northern section of the tenement, values between 260 and 1,830 ppm and produced significant values up to 350 ppm at a new, previously unknown locality. In November 2009, the Company commissioned Thomson Aviation to carry out an expansive, high resolution, low-level aerial radiometric and magnetic survey over the project area. Weather conditions have prevented completion until May 2010. Primary of these newly identified sites is a large, major radiometric anomaly some 4km by 2km, not previously recognised that has now been identified to be an outcropping ridge of the Crooked Creek granite. The surveys magnetic data indicates that this granite rock unit comprises a large portion of the tenement area with the majority lying under soil cover but with a number of surface outcrops. This major anomaly therefore, provides not only a significant exploration target in its own right, but its occurrence within the granite, combined with the geographical spread of other uranium sites of interest in the tenement, indicates a high potential for further targets being located in the granite, beneath the soil cover. North Doolgunna Astro Resources NL has recently reached a binding agreement to acquire the majority interest in the North Doolgunna Gold Project. The project consists of three highly prospective exploration leases (E52/2480, E52/2481 and E52/2482). The project lies in close proximity to the world class Plutonic Gold Mine and recent Sandfire Resources Ltd discoveries and the project area is considered to offer the potential for the discovery of similar types and style of mineralisation. Limited historic exploration has previously focused on near surface mineralisation providing significant potential for deeper obscured gold mineralisation in a region that historically has been substantially under-explored. A robust work program focused on geochemistry, geophysics and drilling will be undertaken to explore the potential for discoveries of a similar type and style to that found in the adjacent areas. Advanced geochemical methods, not available to previous explorers, area expected to assist in the definition of drill targets.
PGamble
P.S Fundamentally this is a great speccie play JL :) See you in a day or so.
ARO Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
