|
|
|
|
Projects
The Company has focused on the acquisition of tenements that are prospective for uranium. The Company’s Projects are located in Peru, the Northern Territory and Western Australia.
The following is a summary of the Company’s Projects in Peru and Australia.
Further geological details about the Projects are described in the Independent Geological Report at Section 10 of the Company’s IPO Prospectus dated 3 April 2007 and information on the tenements/concessions are described in the Independent Exploration Titles Report at Section 11 and Legal Opinion on Peruvian Concessions at Section 12 of this Prospectus.
Pampacolca (Peru)
The Pampacolca Project is situated approximately 7 to 12 kilometres south of the town of Pampacolca, which is located approximately 136 kilometres north-west of the city of Arequipa in southern Peru.
The Pampacolca 1 and 2 applications for mineral concessions cover at least six known structurally controlled occurrences of uranium, tantalum and rare earths in pegmatite veins in quartz-muscovite-feldspar schist within Precambrian gneissic terrain with known tantalum mineralisation. Reported historical work by a Canadian company returned 0.13% to 0.29% Uranium Oxide (U3O8) and up to 10.36% Tantalum – Niobium in 8 out of 15 surface rock chip samples.
Bigryli South (Northern Territory)
These 5 exploration tenements are located principally in the northern part of the Ngalia Basin in the Northern Territory (located approximately 390 kilometres north-west of Alice Springs).
These tenements, having a total area of approximately 1,666 square kilometres, are adjacent to tenements surrounding the Bigrlyi uranium deposit (being developed by Energy Metals Limited – ASX Code: “EME”).
Mt James (Gascoyne Region, Western Australia)
EL 09/1253 and EL 09/1245 cover ground previously explored by AGIP Nucleare (Australia) Pty Ltd (AGIP), (a subsidiary of Italian multi-national energy group ENI) where 0.14% U (equivalent to 0.17% U3O8) as uraninite in a diamond drill hole was discovered by AGIP in the 1970s. EL 09/1257 and EL 09/1258 in the Injinu Hills and the Mortimer Hills areas, southwest and west respectively from EL 09/1253 and EL 09/1245 are covered with large areas of duricrust and known to host near surface uranium mineralisation as carnotite within adjacent ground.
Mt Lawrence Wells (East Murchison Region, Western Australia)
These exploration licences are located 25 kilometres south of Wiluna and north of a palaeo drainage that hosts the Hinkler Well, Centipede and Millipede uranium prospects.
The project area is located immediately north of the Hinkler Well tenements of ASX listed U3O8 Limited (ASX Code: “UTO”) where U3O8 Limited has recently announced uranium mineralisation in calcrete extending for approximately 20 kilometres. The mineralisation extends along an east west palaeo channel. Part of this calcrete channel and also the source of the gravels that cover the northern extent of the channel extend into Alara’s tenements.
Canning Well (Pilbara Region, Western Australia)
The project area is located approximately 80 kilometres west of the Kintyre uranium deposit and covers approximately 20 kilometres of the Canning Fault and associated splay and intersecting faults which bring together rocks of the Archaean Fortescue Group in juxtaposition with Proterozoic rocks of the Manganese Groups, the Tacunyah Group, the Yeneena Supergroup and the Savory Group. Uranium anomalies of up to 11 times the background have been recorded in the project area in lag samples by previous explorers but were never followed up.
