Dagworth / Neptune Project (EPM’s 18028 & 18625) (100% CUU)

The Dagworth Uranium Project was discovered in the 1970’s by Minatome (later Pechiney Australia). Their work was focused on identifying areas of high grade economic uranium mineralisation and they completed 89 holes with over 50% containing intervals greater than 300ppm U₃O₈.

The Dagworth Uranium Project is unconformity style uranium mineralisation that is hosted in the basal sediments and volcanics of the Newcastle Range Volcanics adjacent to a major North -North East trending structural zone. In the Dagworth area this structure splays significantly and major east over west reverse thrusting is evident within the project area. Where the basal sedimentary sequences occupy the hanging wall of these reverse thrusts they are generally mineralised.

Further south along the same structural zone significant uranium mineralisation occurs at the Trident uranium deposit (Mega Uranium) where a uranium resource has been defined.

Callabonna holds leases covering 10kms of the structural corridor between the Trident and Dagworth Uranium Projects and the area contains the same volcanics and sediments under cover or at depth. Significant copper was both mapped and drilled within the Neptune and Dagworth lease areas and tends to occur as sandstone hosted copper at the base of the Newcastle Range Volcanics. The presence of up to 1% copper in Dag D14 and known gold occurrences within the Neptune lease associated with hematite dusting may also indicate that Dagworth has potential for gold mineralisation. No gold assays were conducted on any of the historical surface or drill samples.

Exploration Strategy:

Thoroughly review all available sample material from previous drilling in the Dagworth Project and conduct petrology to identify the uranium species present and confirm that mineralisation is amenable to standard processing methods. Additionally sample for gold where sufficient sample remains.
Integrated ground mapping and magnetics interpretation to identify prospective structural corridors within the volcanic collapse feature (Newcastle Range Volcanics - NRVs).
Use partial extraction soil sampling techniques to generate drill targets along the structural corridor between Trident and Dagworth and other prospective structural zones identified through mapping.
Generate and test drill targets for both structural fracture and stratiform mineralisation near the base of the NRV’s.