Yalgoo

The Yalgoo Project is located around the township of Yalgoo in the Murchison region of Western Australia and is approximately 400km north of Perth. The Project comprises seven granted Exploration Licences, four EL applications, three granted Prospecting Licences and one Prospecting Licence (PL) application covering a total area of 1,254km2.

The Project area is located within the Salinaland physiographic division, which is characterised by wide valleys, comprised of colluvial material between areas of high ground with Archean granite-greenstone outcrop and Cainozoic sand plain. The Project area occurs within the Lake Mellenbye Basin with internal drainage to the south-southeast into the Salt River and the Burra Salt Lake.

Enterprise Metals Limited completed an airborne radiometric survey over the northern parts of the Yalgoo Project following up uranium anomalies identified in the government-flown data. The survey identified two major uranium anomalies for initial follow-up at Muggaburna Well and Salt Creek. The Muggaburna anomaly is directly related to a broad drainage channel 3.5km long and up to 700m wide. Eighteen of twenty four calcrete samples collected from within a drainage channel returned elevated uranium values ranging from 149 ppm to 418 ppm U. The remaining six samples ranged from 37ppm to 138ppm.

Preliminary shallow aircore drilling at Muggaburna in 2012 returned encouraging results from down hole natural gamma logging with nine holes yielding grade x thickness values over 200ppm eU308*metres. The mineralised intersections are shallow (0-4m depth) and are centred on the uraniferous calcrete exposure in the Muggaburna creek bed in a zone 200-450m wide and 900m long. Mineralisation appears open to the NW and SE. Laboratory analytical results correlate with gamma logging results.

The Project tenements include many large areas of calcrete, with no apparent exploration history for uranium. These areas are often associated with elevated U channel response from the airborne radiometric survey data and remain prospective for calcrete-hosted uranium deposits. Palaeochannel sand-hosted uranium mineralisation is also a potential target in the Project area.

Figure 1: Muggaburna Prospect, Uranium Channel Radiometric Image with Rockchip Locations

Yalgoo Project - DTM, Clipped Uranium and Mapped Calcrete

Figure 2: Yalgoo Project DTM, clipped U and calcrete map.

Calcrete in Muggaburna Creek

Figure 3: Calcrete in Muggaburna Creek.