Siccus Project (Uranio 70%; Deep Yellow 20%; Signature Resources NL 10%)

The Siccus Project (represented by one tenement, EL3288) is located approximately 500 kms north of Adelaide, and some 25 kms to the southwest of the Lake Frome shoreline. The tenement was granted in 2004, and covers an area of 672 km2. A Native Title Mining Agreement for exploration on EL 3288 was signed on 15 August 2006 and registered on 22 September 2006.

Located in the Frome Embayment of the Great Artesian Basin palaeochannel hosted uranium mineralisation has already been delineated in a number of deposits. Mineralisation occurs amongst Tertiary units deposited within the Callabonna Sub-Basin, a local embayment area of the Lake Eyre Basin bounded to the west, east and south by the Flinders, Barrier and Olary Ranges respectively.

All significant uranium mineralisation within the general area is hosted by valley fill (palaeochannel) fluviatile sands in the Eocene Eyre Formation and within overlying shoestring sands of the Miocene Namba Formation.
The interpretation of isopach and isobath maps constructed for the Namba and Eyre Formations has resulted in an assessment of palaeochannel interpretation, believed to contain a thickness of 20 to 80 metres of prospective Eyre Formation covered by 30 to 120 metres of Namba Formation. Oxidisation cells move down the palaeochannels causing lateral and terminal uranium roll-front mineralisation to occur.

Five deposits, all amenable to insitu leach mining have been found in three palaeo-drainage systems within the general area about the Siccus Project: the Beverley and Honeymoon Well mines, the Beverley Four Mile deposit, and the East Kalkaroo and Gould’s Dam uranium deposits.

Previous exploration within the Siccus Project tenement, which has included minimal drilling, has identified basic geological characteristics and stratigraphy, but has been insufficient to adequately test for the presence of buried uranium mineralization. An airborne magnetic survey completed in late 2006 has confirmed the presence of a gently dipping conductive unit covering most of the tenement, which may be prospective for uranium mineralization. A first pass drill program was completed over the tenement during Q1 2008 that successfully intersected the Namba and Eyre Formations and replicated historic anomalies within the palaeochannel. The results were outlined in an announcement in April 2008.