DURACK RANGE

Recent geological reconnaissance with minor sampling has discovered molybdenum (Mo) to be a metal of interest. The high grades of Mo occur in samples of heavy mineral bands taken 2.65 km apart, along strike. Titanium and zirconium values up to 19.3% TiO2 and 7.34% ZrO2 respectively, are consistent with previous results, in heavy mineral concentrations in the purple sandstone unit of the Carson Volcanics. They are also radiometrically anomalous. Strong surface oxidation in areas of radiometric anomalies confirms potential for uranium mineralization to occur down-dip at oxidation-reduction interfaces. This applies to both the purple sandstone unit of the Carson Volcanics and conglomerate of the King Leopold Sandstone.

The company intends to focus its activities on exploration for uranium enrichment at the base of the unconformities below the conglomerate beds of the King Leopold Sandstone and an assessment of the potential of the heavy mineral bands of the Warton Sandstone, to host an economic resource of uranium, thorium and heavy mineral and of the King Leopold Sandstone to host an economic resource of heavy minerals including tin.

Reported that historical assay results based on limited channel sampling for the period 1969 to 1974, carried out by Planet Mining (Planet) in the Warton Sandstone region revealed a highly weathered, heavy mineral zone contained in lenses up to 1.2m thick containing up to 81% heavy minerals over a strike of at least 12 kilometres. The heavy mineral bands are located beneath shallow cover in beds dipping at 10 degrees. Mineral assemblage reported up to 5% Monazite, 8% Zircon, 8% Anatase (Titanium Oxide), 60% Ilmenite. Assays of the heavy mineral concentrate gave values up to 0.136% Uranium, 2% Thorium.