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Skal Uranium Deposit

The Skal uranium deposit is located 30km north of Mount Isa. Skal resource drilling was completed in September 2011, totalling 57 holes and 9,592m. The objective was to complete 40m x 40m resource drill outs at Skal South, East, North and Far North and to test new targets at Skal Southwest and Grendel.

The Skal deposit contains a number of ore lenses which are concentrated in four zones within an area of approximately 2km². The mineralised lenses that comprise Skal vary in strike from 035° to 045° and dip steeply from -85°E to -75°W. Individual lenses can be up to 50m thick and have a combined strike length of over 1,300m. High grade intervals are associated with quartz veins within brecciated and albitised siltstones and basalts. The deposit area is structurally complex, and orebodies are truncated and offset by faults.

In March 2012, a Mineral Resource update was completed and is stated in the table below. The Mineral Resource update represents a 50% increase on the previous Mineral Resource. The Mineral Resource estimate was undertaken using Kriging methodologies with search radii dependant on variography results and drill hole spacing. Approximately 72% of the dataset was derived from downhole radiometrically logged equivalent U3O8 grades. The remainder was from geochemical assays. Downhole logging was carried out using Company owned and calibrated equipment, with derived grades being validated against assays in a number of drill holes. All recent holes were downhole surveyed for deviation and collars were located using digital GPS equipment.

Skal (all deposits) Mineral Resource as at March 2012 (at 250ppm U3O8 Cut-off)

. Mt Grade ppm
U3O8
Tonnes
U3O8
Mlb
U3O8
Indicated Resources 14.3 640 9,177 20.2
Inferred Resources 1.4 519 708 1.6

(Figures may not add due to rounding)

The total mineral resource represents a 50.0% increase on the previous Mineral Resource.

Latest prices

ASX A$ 0.105
TSX C$ 0.110

Latest Prices

TradeTech U3O8 spot US$23.25/lb
TradeTech U3O8 long term US$35.00/lb

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