Eleckra Mines Limited

Projects

Thatcher Soak

Eleckra's Thatcher Soak Project hosts a portion of a uranium deposit identified by previous 1970's explorers in the area. Eleckra's own review of this prior exploration has highlighted the potential for the presence of significant calcrete uranium mineralisation within Eleckra's tenements. The adjacent tenements, containing the western portion and potential extensions of this deposit are held and actively explored by competitor Uranex NL ("Uranex").

The better historical results are shown in Table 1

Table 1
Hole Approximate Location Depth
From
(m)
Interval
(m)
Recorded
Grade *
Company
E_AGD84 N_AGD84
BP_502
558681
6901710
1.0 1.0
260 ppmU
BP Minerals Australia Pty Ltd
BP_531
557767
6899727
1.0 1.0
440 ppmU
BP Minerals Australia Pty Ltd
BP_547
558549
6897907
2.0 2.0
540 ppmU
BP Minerals Australia Pty Ltd
EYAC050
557261
6902842
2.0 2.0
206 ppmU
Eleckra Mines Limited
EYRB092
6908553
555704
1.0 3.0
204 ppmU
Eleckra Mines Limited
EYRB095
6908515
555590
0.0 3.0
203 ppmU
Eleckra Mines Limited
EYRB096
6908503
555552
1.0 3.0
169 ppmU
Eleckra Mines Limited
U031
557351
6900430
1.5 1.4
660 ppmU3O8
Ausminex
U180
555811
6904017
6.1 1.4
430 ppmU3O8
Ausminex
WT24
557986
6898582
1.5 2.0
365 ppmU3O8
Uranerz (Australia) Pty Ltd

Thatcher Soak hole location with current maximum down hole probe eU3O8 (ppm)
Thatcher Soak hole location
with current maximum
down hole probe eU3O8 (ppm)

View enlargement (135 Kb)

During October and November 2007, Eleckra completed 450 vertical Aircore holes for 4,792m at its Thatcher Soak Uranium Project.

Eleckra's review of past exploration at Thatcher Soak coupled with positive conclusions from the independent experts report and encouraging results released by Uranex NL resulted in the Company's decision to plan a first round Aircore drilling program at its Thatcher Soak Uranium Project.

Eleckra is well placed to rapidly redefine the deposit and explore for possible extensions.

In a release to the Australian Securities Exchange on 28 June 2007, Uranex announced that "extensive uranium mineralisation has been intersected in the first round of drilling at its Thatcher Soak uranium project" and "tonnage and grade estimates are anticipated during the last quarter of this year, and a decision to proceed to a feasibility study made shortly thereafter".

Importantly for Eleckra, Uranex outlined higher grade peak equivalent U3O8 values between 500 - 1000 ppm or greater along sections of the eastern boundaries of its tenements contiguous to Eleckra's Thatcher Soak tenements E38/1083 & E38/1388. In addition Uranex intersected a second deeper mineralised calcrete position between 9m and 15m depth.

Eleckra is particularly encouraged by the Uranex results which supports the potential for higher grade calcrete mineralisation within Eleckra's tenements. The scope for a second deeper underlying zone of mineralisation adds further upside to the ultimate magnitude of potential calcrete mineralisation within Eleckra's tenements at Thatcher Soak.

Drilling Programme

During October and November 2007, Eleckra completed 450 vertical aircore holes for 4,792m at its Thatcher Soak Uranium Project. The aim of this first round of drilling was to systematically test the paleochannel for calcrete-hosted uranium mineralisation at Thatcher Soak and Thatcher Soak North (adjacent to Khan North gold prospect). The results of this program were announced to the ASX on 23 January 2008.

Results

Down hole calibrated gamma probe (eU3O8) results have been received with 44% of the holes intersecting anomalous values >100 ppm eU3O8 and minimum thickness of 0.2m. The most significant intercepts as indicated by the gamma probe data are summarised in Tables 2 and 3.

It is emphasised that these gamma probe results provide uranium equivalent grades (eU3O8) and are to be considered preliminary and subject to confirmation by geochemical assays that are expected to be available during March - April 2008.

Thatcher Soak hole intersections greater than 300 ppm eU3O8 using 100 ppm eU3O8 cut-off and minimum thickness of 0.2m. Maximum values quoted are maximum response as recorded over 0.02m down hole interval.

Table 2
Hole
Number
From (m) To (m) Interval
(m)
Average
Grade
ppm
eU3O8
Maximum
Grade
ppm
eU3O8
East
GDA94_51
North
GDA94_51
7EYAC061 4.57 5.09 0.52 408 958 558,196 6,897,809
7EYAC061 5.71 6.13 0.42 450 961 558,196 6,897,809
7EYAC062 1.87 3.35 1.48 365 590 558,090 6,897,787
7EYAC064 4.38 4.90 0.52 882 1933 557,907 6,897,804
7EYAC072 1.91 2.27 0.36 556 1032 557,904 6,898,201
7EYAC115 2.74 3.80 1.06 351 492 558,195 6,899,004
7EYAC134 0.51 2.15 1.64 321 521 557,906 6,899,394
7EYAC136 0.77 2.21 1.44 342 507 557,701 6,899,402
7EYAC143 4.07 4.29 0.22 353 518 557,508 6,899,801
7EYAC145 0.55 1.71 1.16 333 628 557,694 6,899,799
7EYAC151 2.80 4.66 1.86 309 500 558,302 6,899,791
7EYAC163 2.36 3.56 1.20 301 628 559,101 6,900,205
7EYAC165 2.42 3.52 1.10 377 569 558,890 6,900,200
7EYAC173 0.70 2.56 1.86 327 703 558,092 6,900,197
7EYAC176 1.20 3.40 2.20 320 558 557,803 6,900,207
7EYAC177 4.42 4.80 0.38 538 831 557,702 6,900,196
7EYAC179 3.28 4.40 1.12 473 960 557,507 6,900,199
7EYAC180 0.92 3.22 2.30 328 520 557,586 6,900,301
7EYAC181 0.98 3.08 2.10 310 547 557,504 6,900,398
7EYAC182 0.02 2.68 2.66 327 896 557,510 6,900,493
7EYAC183 0.20 2.90 2.70 329 638 557,500 6,900,595
7EYAC184 0.16 2.60 2.44 306 516 557,498 6,900,706
7EYAC185 0.50 2.18 1.68 325 629 557,499 6,900,784
7EYAC189 2.20 3.66 1.46 312 587 557,700 6,900,598
7EYAC190 1.12 3.44 2.32 304 1044 557,799 6,900,602
7EYAC191 1.00 3.76 2.76 318 673 557,899 6,900,611
7EYAC212 1.32 3.00 1.68 303 428 558,204 6,900,996
7EYAC223 2.32 4.24 1.92 342 595 557,499 6,901,402
7EYAC225 1.34 3.16 1.82 341 591 557,703 6,901,399
7EYAC226 1.58 3.38 1.80 337 805 557,791 6,901,391
7EYAC252 6.80 7.22 0.42 441 797 557,801 6,901,806
7EYAC256 5.34 6.38 1.04 303 470 557,609 6,901,910
7EYAC258 4.70 6.86 2.16 596 1702 557,607 6,902,103
7EYAC309 3.82 4.10 0.28 331 626 556,496 6,903,402
7EYAC311 6.54 7.00 0.46 601 1270 556,295 6,903,404
7EYAC313 4.64 6.06 1.42 543 1961 556,113 6,903,508
7EYAC314 3.38 5.12 1.74 649 1423 556,001 6,903,479
7EYAC315 3.50 4.74 1.24 428 1275 555,897 6,903,427
7EYAC316 0.10 2.26 2.16 758 2020 556,005 6,903,584
7EYAC318 2.20 4.06 1.86 356 981 555,904 6,903,599
7EYAC319 0.06 2.06 2.00 808 3068 555,898 6,903,702
7EYAC320 3.82 4.20 0.38 1129 2486 555,906 6,903,792
7EYAC321 0.76 1.68 0.92 443 913 556,006 6,903,786
7EYAC323 0.94 1.98 1.04 337 608 556,205 6,903,802
7EYAC355 2.30 2.82 0.52 317 563 554,697 6,906,898
7EYAC416 0.86 2.14 1.28 373 666 556,003 6,908,899
7EYAC439 1.64 2.14 0.50 302 446 557,598 6,901,587
7EYAC442 2.24 3.48 1.24 321 532 557,610 6,900,496
7EYAC444 1.26 3.04 1.78 315 617 557,614 6,900,104
7EYAC446 0.16 1.04 0.88 352 657 557,591 6,899,898
7EYAC447 2.94 3.22 0.28 347 550 557,610 6,899,700

The gamma probe results indicate that a number of holes intersected deeper levels of uranium mineralisation at several localities at depths between 6m and 14m. The best intercepts are summarised in Table 2. This mineralisation appears to be associated with calcareous sand and clays.

Thatcher Soak hole intersections of lower mineralised zone using 100 ppm eU3O8 cut-off and minimum thickness of 0.2m.

Table 3
Hole
Number
From
(m)
To
(m)
Interval
(m)
Average
Grade
ppm
eU3O8
Maximum
Grade
ppm
eU3O8
East
GDA94_51
North
GDA94_51
7EYAC062 6.51 7.09 0.58 700 1923 558,090 6,897,787
7EYAC264 10.28 10.54 0.26 111 129 558,007 6,902,218
7EYAC264 10.60 11.34 0.74 125 198 558,007 6,902,218
7EYAC265 9.86 10.30 0.44 140 208 558,098 6,902,206
7EYAC265 10.78 11.04 0.26 127 160 558,098 6,902,206
7EYAC267 10.46 12.16 1.70 159 203 558,318 6,902,212
7EYAC268 11.16 11.64 0.48 186 250 558,399 6,902,211
7EYAC268 11.70 13.52 1.82 267 474 558,399 6,902,211
7EYAC269 12.00 12.92 0.92 139 198 558,508 6,902,202
7EYAC269 13.12 13.98 0.86 141 215 558,508 6,902,202
7EYAC318 7.48 9.98 2.50 349 880 555,904 6,903,599
7EYAC319 7.86 8.90 1.04 252 410 555,898 6,903,702
7EYAC319 9.62 9.84 0.22 120 148 555,898 6,903,702
7EYAC320 7.36 9.56 2.20 326 671 555,906 6,903,792
7EYAC320 9.82 10.38 0.56 144 227 555,906 6,903,792
7EYAC321 8.72 9.80 1.08 172 311 556,006 6,903,786
7EYAC343 9.32 9.82 0.50 154 200 555,902 6,904,200

Significance of Results

The down hole gamma probe results are considered encouraging, indicating that mineralisation extends over total area of approximately 7km2 using a 100 ppm eU3O8 cut-off and minimum thickness of 0.2m.

The maximum dimensions of the mineralised zones are 7km long by 1.5km wide at Thatcher Soak and 3km long by 0.5km wide at Thatcher Soak North. The probe results indicate the vertical thickness varies from 0.2m to 2.8m with an average of 0.8m. Most of the mineralisation is within 6m of the surface and is interpreted to form multiple sub-horizontal sheets of calcrete / gypsum, calcareous sand and clay.

There is potential for the mineralisation to extend further to the south / south west as indicated by an airborne radiometric anomaly which is approximately 8km long within Eleckra's tenements E38/1798 and E38/1315.

A number of holes that were drilled deeper have identified mineralisation at depths between 6m and 14m. This deeper mineralisation has been identified in a few localities and requires further deeper and systematic drilling to estimate its full extent, however, the initial results are encouraging.

Follow Up

Interpretation of the results from this initial drilling programme will be completed upon receipt of the geochemical analyses. The down hole probe results are however considered sufficiently encouraging to commence planning a follow up drilling programme on a 100m by 100m grid to determine continuity of mineralisation at Thatcher Soak. It anticipated that this follow up programme, planned for April - May 2008, would provide sufficient data to prepare an Inferred Mineral Resource estimate for Thatcher Soak by late 2008.