Stone Tank Project

E09/1296

The Stone Tank project is located on the northern margin of the Gascoyne Province approximately 265km east of Carnarvon. The project tenement covers a 7km long uranium channel airborne radiometric anomaly with coincident mapped calcrete.

During the initial field reconnaissance visit to the project, surface uranium mineralisation in the form of carnotite was identified at two sample locations 4kms apart (see Figure 1). In addition, it was noted that the calcrete outcrop extends outside the area mapped and appears to extend along the length of the radiometric anomaly.

A total of 64 reverse circulation and aircore holes were drilled at the project during the October 2007 and have intersected a basement of structurally complex foliated to schistose pegmatitic and granitic rocks. Near surface calcrete and silcrete has developed to thicknesses up to 12m along a north west trending ridge, parallel with Durlacher Creek. Calcrete is the likely host for uranium mineralisation at Stone Tank with the possibility of uranium-rare earth element anomalism within the basement sequence.

Figure 1