Mt. Hogan Project
Summary
Bondi holds the rights to uranium-only mineralisation in an area of interest within Newcrest Operations Limited’s Mount Hogan EPM. Exploration and limited drilling by CRA in the late 1970’s led to the discovery of a number of high grade surface occurrences which produced drill values of up to 7 metres at 0.38% U3O8. The best intersection os open along strike and down dip, and is part of a prospective contact zone of greater than 5km strike length.
Target
The target in this area is uranium mineralisation developed in veins and breccias occurring within deformed sediments and metadolerites of the Einasleigh Metamorphics, near the contact with the uranium-enriched Mount Hogan granite.
Regional Setting
The Mt Hogan Project is located within the Georgetown region. The gology of the area is characterised by Proterozoic metasediments and granites which have been overprinted by late Paleozoic granites and associated volcanic rocks and sediments which occur in semi-circular “cauldrons”. This package is unconformably overlain by a younger sequence of shallowly-dipping Jurassic and younger sediments.
Fig 1 (above): Colour image of Uranium channel radiometrics over magnetics. Yellow dots represent known uranium occurrences. Juntala shown in blue; Mt Hogan area of Interest shown in yellow.
Geology
In the Mt Hogan area, the uranium-rich Proterozoic Mt Hogan Granite intrudes a folded sequence of Einasleigh Metamorphics and associated sill-like metadolerite bodies.
Property Status
The uranium rights have been acquired through a recently concluded Concurrent Rights Deed between Newcrest Operations Ltd and Murphy Uranium, the unlisted subsidiary of Buffalo Gold to be sold to Bondi as part of the previously announced acquisition (May 14, 2007). Under the terms of the deal Bondi will acquire 100% ownership of any uranium-only deposits delineated and, upon the decision to mine, Newcrest will receive a 2.5% gross product royalty on all uranium produced from the area of interest including a AUD$500,000 royalty pre-payment on the decision to mine.
Fig 2 (above): Location of Percussion Drillholes from CRA Open File data. Percussion Hole 79 HH PDH 4 is located off the map, 620 metres to the southwest of 79 HH PDH 3
Previous Exploration
Limited drilling of soil and radiometric anomalies by CRA Ltd in the late 1970’s produced best results of:
- 7 metres at 0.38% U3O8 in percussion drillhole 79 HH PDH-1, including 1 metre at 1.2% U3O8. The intersection starts at a downhole distance of 29 metres.
- 1 metre at 0.17% U3O8 in percussion drillhole 79 HH PDH-2, within a broader interval of 5 metres at 0.05% U3O8 starting at a depth of 37 metres
Hole 79 HH PD-1 is completely open downdip and to the north, and is located 130m away from mineralised hole 79 HH PDH-2 to the southwest, as part of a regionally extensive granite contact zone which has only been tested by four percussion holes over a strike length of at least 5 kilometres containing multiple radiometric and soil anomalies. Host rocks to the high grade uranium mineralisation are chloritic and pyritic metasediments and silicified pyritic shale adjacent to a high-background radioactive granite. Soil samples taken by CRA over the granite ranged up to 0.13% U3O8. Assay values reported are based on uranium and gold assay results reported by CRA ltd in open file report CR7591. No detail was provided in this report on assay method or quality assurance/quality control procedures, though drill logs clearly indicate that the uranium results are assay results as opposed to equivalent U3O8 calculations.
Exploration Highlights
No recent uranium exploration has been carried out on this project.
Work Plan
Bondi intends to carry out a program of detailed ground inspection followed by ground radiometrics and drill testing of a range of targets including the previous high-grade uranium zones defined by CRA.
