QUARTERLY REPORT TO SHAREHOLDERS
30 September 2009
ACTIVITIES
EXPLORATION
Millionaires Well (Tungsten) Project Scheelite and bismuth minerals identified.
Adnera (Uranium) Project Granite host to anomalous uranium confirmed as being
an alaskite. Further anomalous uranium values obtained from rock chip sampling.
Box Hole (MVT style leadzinc) Completed data review by independent consulting
MVT experts.
CORPORATE
$2.5 million cash on hand as at 30 September 2009.
Uramet Minerals Limited
Level 1, 130 Hay Street
Subiaco WA 6008
Tel: +61 (0)8 6380 2799
Fax: +61 (0)8 6380 1644
Email: uramet@uramet.com.au
Web Site: www.uramet.com.au
Figure 1: Adnera Uranium Project measuring radiation levels of alaskite with scintillometer.
Quarterly Report September 2009
Page 2 of 12
1
PROJECT AREAS
T
ABLE
1:
T
ENEMENT
S
UMMARY
A
T
30
S
EPTEMBER
2009
Project
Commodity
Tenement
Number
Date Granted
or Renewed
Area km
2
Box Hole
LeadZinc
1
EL 22537
16 Jul 07
57
Marqua
Base Metals/Phoshate
1
SEL 24769
9 Aug 06
971
Marqua
Base Metals/Phoshate
1
EL 24693
13 Dec 05
770
Wilora
Uranium
1
EL 25366
11 Jan 07
710
Wilora/Mt Skinner
Uranium/Base Metals
1
EL 25367
21 Feb 07
648
Mt Skinner
Base Metals
1
EL 25574
30 Jul 07
76
Mt Skinner
Base Metals
1
EL 25573
30 Jul 07
41
Mt Skinner
Base Metals/Uranium
EL 26025
3 Dec 07
108
Millionaires Well
Tungsten
EL 25993
19 Nov 07
258
Millionaires Well
Tungsten
EL 26543
9 Jul 08
32
Adnera
Uranium
EL 26719
28 Oct 08
173
Adnera
Uranium
EL 26748
18 Feb 09
127
Corella Lake
Uranium
2
EL 25992
29 Oct 07
199
4,170
Abbreviations: URM = Uramet Minerals Ltd, EDN = Elkedra Diamonds Pty Ltd, EL = Exploration Licence, SEL = Substitute Exploration Licence
and EPM = Exploration Permit Minerals.
Notes
1.
EDN retains the diamond exploration and mining rights on URM tenements previously owned by EDN.
2.
Northern Territory Department of Regional Development, Primary Industry, Fisheries and Resources
notified on 5 October 2009 of
Uramet's intention to relinquish Corella Lake tenement EL 25992.
Figure 2: Uramet Minerals' project areas and tenement position as at 30 Sept 2009.
Quarterly Report September 2009
Page 3 of 12
Notice was provided to the relevant NT government department of Uramet's intention to relinquish
tenements EL 25992 and EL 25610.
Reductions in area from 258 km
2
to 131 km
2
were made for EL 25993 (Mt Skinner) and from 971 km
2
to 389
km
2
for SEL 24769 (Marqua).
An application has been made for EL 27516 adjacent to the Adnera Uranium project. The tenement is
considered to be prospective for uranium.
An application has been made for EL 27664 located on Melville Island in the Northern Territory. The
tenement is considered to be prospective for bauxite.
2
MILLIONAIRES WELL PROJECT TUNGSTEN
Mineralogical studies of remnant ore samples from artisanal workings at Millionaires Well have identified
the ore minerals scheelite (calcium tungstate), powellite
(
calcium molybdate
)
, native bismuth, and russellite
(bismuth tungstate).
Consultation and field work by the Aboriginal Areas Protection Authority (AAPA) has been completed at the
Millionaires Well tungsten project, with an Authority Certificate expected to be issued within the December
Quarter.
A costeaning program to identify tungsten bearing quartz veins is likely to be completed early in the
following dry season around March/April 2010. It was hoped to complete the costeaning during the current
dry season, however the delayed receipt of the AAPA Authority Certificate has necessitated deferring this
field work until the following dry season.
Figure 3: Tenement Plan showing the location of the Millionaires Well, Adnera, Mt Skinner, and Wilora projects.
Quarterly Report September 2009
Page 4 of 12
3
ADNERA PROJECT URANIUM
(previously Millionaires Well Uranium Project)
The Adnera Uranium project is located within the Arunta Province of the NT, adjacent to Uramet's Mt
Skinner base metal project, and the Wilora uranium project, and to the south of Uramet's Millionaires Well
tungsten project. The area also has potential for gold and base metals.
Further field reconnaissance and rock chip sampling undertaken during August 2009 extended the area of
known anomalous uranium at surface within outcropping granite of approximately 600m by 600m size.
Analyses by a Perth Laboratory returned mineralisation up to 540 ppm uranium. Laboratory results in
excess of 100ppm U are reported below.
T
ABLE
2:
A
DNERA
U
RANIUM
P
ROJECT
A
UGUST
2009
R
OCK
C
HIP
S
AMPLE
L
ABORATORY
U
RANIUM
R
ESULTS
Sample_No
MGA_E
MGA_N
U ppm
MWRW04
420242
7569012
140
MWRW07
420300
7568922
540
MWRW09a
420489
7568787
240
MWRW09b
420489
7568787
190
MWRW10
420602
7568815
360
MWRW11
420570
7568983
140
MWRW14
418049
7573403
100
T
ABLE
3:
A
DNERA
U
RANIUM
P
ROJECT
J
UNE
2009
R
OCK
C
HIP
S
AMPLE
L
ABORATORY
U
RANIUM
R
ESULTS
Sample_No
E_MGA
N_MGA
U ppm
MMRW056a
420244
7568965
70
MMRW057
420302
7568922
360
MMRP062
417075
7576825
30
MMRP066 *
418066
7573428
50
* Averaged value
Figure 4: Complex growth zoning in scheelite from the Millionaires Well deposit.
White zones: scheelite; grey zones: scheelite containing a significant component
of powellite (calcium molybate); black: quartz matrix.
Quarterly Report September 2009
Page 5 of 12
XRF analysis has confirmed the granite host to be an alaskite which is a type of alkali feldspar granite
containing less than 10% mafic minerals. Alaskites are the host rock at Rio Tinto's Rössing uranium mine in
Namibia, one of the largest open pit uranium mines in the world
, where the alaskite intrusions host large
tonnages of uranium mineralisation
.
Uraniferous alaskites do not appear to have been previously reported
within the Arunta Province of the NT.
Analysis utilising a scanning electron microscope (SEM) has revealed the uranium minerals detected within
the surface alaskite rock chip samples are secondary uranium phosphate minerals. The uranium minerals
occur as accessory minerals at crystal interfaces, as inclusions within rockforming minerals or as yellowish
coatings on fracture surfaces. The identified minerals include the calcium uranium phosphate minerals
phosphuranylite and autunite; a variety of unidentified uranium phosphate minerals are also present. In
the Namibian alaskite uranium deposits similar secondary minerals are also reported to be present; they
are alteration products after primary uraninite.
Figure 6: SEM image of a polished section of sample MMRW66 showing
uranium phosphate (white crustals and microfracture fillings); biotite (light grey
platy); Kfeldspar (medium grey); quartz (dark grey); apatite (light grey).
Figure 5: Ternary diagram, A = alkali feldspar, Q = quartz, P = plagioclase; with the
Uramet rock chip samples plotted (red squares) showing they fall within the field of
alkali feldspar granites (alaskite).
Quarterly Report September 2009
Page 6 of 12
A review of the regional aeromagnetic data over the area has revealed a NE trending magnetic anomaly 2.5
km long, and over 0.5 km wide located just over 1 km to the west of the southern alaskite. This magnetic
feature presents a favourable target for gold and base metal mineralisation, as well as a possible structure
to accumulate secondary uranium mineralisation derived from the nearby alaskite. Modelling of the
magnetic data by a consulting geophysicist will be undertaken to ascertain the depth to the magnetic
anomaly.
Auger drilling of the area surrounding the alaskite, targeting secondary uranium mineralisation, and over
the magnetic anomaly targeting base metals, gold and uranium is planned for the December 2009 quarter,
weather conditions permitting.
4
WILORA PROJECT URANIUM
A detailed review of all available data has been undertaken during the September 2009 quarter. The study
has suggested that further test work is recommended to ensure that uranium was not lost in the fine dust
fraction during the drilling process within the paleochannel. Further test work required involves
disequilibrium analysis and downhole gamma probing, which is planned for the start of the next dry
season (March/April 2010).
Figure 8: Aeromagnetic TMI image (left) and Google Earth image (right) of the Adnera Uranium project area
showing aeromagnetic anomaly, and location of alaskites.
Figure 7: SEM secondary electron image of sample MWRW04d showing fine
crystallites of autunite associated with kaolinite on a fracture plane.
Quarterly Report September 2009
Page 7 of 12
The Company is also seeking joint venture partners to assist with funding a drilling campaign to test the
sandstone and lignite as potential trap sites for the uranium.
5
MT SKINNER PROJECT BASE METAL
Shallow trench sampling of the subsoil was completed over a VTEM anomaly in the southern part of the
Mt Skinner project. No significant anomalism was encountered.
6
MARQUA PROJECT BASE METALS AND PHOSPHATE
6.1
Base Metals
During June 2009 Uramet drilled a 262m hole (240m of RC drilling with a 22m diamond tail) to test the
Marqua M1 magnetic anomaly (as reported in the June 2009 Quarterly Report). The hole was drilled in
collaboration with, and partly funded (50% of all direct drilling costs) by the Northern Territory Geological
Survey (NTGS). As previously reported, no significant mineralisation was encountered at M1.
6.2
Phosphate
No field exploration activities were undertaken at the Marqua phosphate project during the quarter.
7
BOX HOLE PROJECT LEADZINC (MVT STYLE)
During the September 2009 quarter MVT experts of geological and mining consultant group CSA Global
undertook a review of all available data. CSA are of the opinion that exploration has largely been focused
closely within the area of outcropping mineralisation, with potential for mineralisation to occur in areas
that to date have been inadequately tested. Also that significant targets are likely to exist at deeper
stratigraphic levels, with the known mineralisation possibly representing leakage from a more substantial
mineralising system at depth.
8
CORPORATE
During the quarter 16,630 shares were issued upon the exercise of 16,630 25 cent options. At
30 September 2009 the Company had 65,016,771 shares on issue.
21,649,236 unlisted 25 cent options were cancelled upon their expiry on 19 September 2009. At 30
September 2009 the Company had 3,550,000 unlisted options on issue.
The Company retained $2.5 million cash at 30 September 2009.
For and on behalf of the Board
S Randazzo
Executive Chairman
28 October 2009
This report is issued with the prior written consent of Mr Paul Penna, Exploration Manager, a full time employee of Uramet Minerals Ltd and a
Member of the Australian Institute of Geoscientists with more than 5 years experience in the fields of activity reported. Mr Penna has read and given
his consent to the release of this report in this form.
Quarterly Report September 2009
Page 8 of 12
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
URAMET MINERALS LIMITED
ABN
Quarter ended ("current quarter")
16 124 251 396
30 September 2009
Consolidated statement of cash flows
Cash flows related to operating activities
Current quarter
$A'000
Year to date
(3 months)
$A'000
1.1
Receipts from product sales and related debtors
-
-
1.2
Payments for: (a) exploration and evaluation (net)
(b)
development
(c)
production
(d) administration (net)
(124)
-
-
(161)
(124)
-
-
(791)
1.3 Dividends
received
-
-
1.4
Interest and other items of a similar nature received
19
19
1.5
Interest and other costs of finance paid
-
-
1.6
Income taxes paid
-
-
1.7
Other trade creditors, taxes etc
8
8
Net Operating Cash Flows
(258) (258)
Cash flows related to investing activities
1.8
Payment for purchases of: (a) prospects (net)
(b) equity investments
(c) other fixed assets
-
-
-
-
-
-
1.9
Proceeds from sale of:
(a) prospects (net)
(b) equity investments
(c) other fixed assets
-
-
-
-
-
-
1.10
Loans to other entities
-
-
1.11
Loans repaid by other entities
-
-
1.12
Other (provide details if material)
-
-
Net investing cash flows
- -
1.13
Total operating and investing cash flows (carried
forward)
(258)
(258)
Quarterly Report September 2009
Page 9 of 12
1.13
Total operating and investing cash flows (brought
forward)
(258)
(258)
Cash flows related to financing activities
1.14
Proceeds from issues of shares, options, etc. (net)
4
4
1.15
Proceeds from sale of forfeited shares
-
-
1.16
Proceeds from borrowings
-
-
1.17 Repayment
of
borrowings
-
-
1.18 Dividends
paid
-
-
1.19
Other capital raising costs
-
-
Net financing cash flows
- -
Net increase (decrease) in cash held
(254) (254)
1.20
Cash at beginning of quarter/year to date
2,780
2,780
1.21
Exchange rate adjustments to item 1.20
-
-
1.22
Cash at end of quarter
2,526 2,526
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
Current quarter
$A'000
1.23
Aggregate amount of payments to the parties included in item 1.2
47
1.24
Aggregate amount of loans to the parties included in item 1.10
-
1.25
Explanation necessary for an understanding of the transactions
1.23 Being an Executive Director's salary and superannuation plus Non Executive Directors' fees
and superannuation.
Non-cash financing and investing activities
2.1
Details of financing and investing transactions which have had a material effect on consolidated
assets and liabilities but did not involve cash flows
None
2.2
Details of outlays made by other entities to establish or increase their share in projects in which
the reporting entity has an interest
None
Quarterly Report September 2009
Page 10 of 12
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount
available
$A'000
Amount used
$A'000
3.1
Loan facilities
-
-
3.2 Credit
standby
arrangements
-
-
Estimated cash outflows for next quarter
$A'000
4.1
Exploration and evaluation
143
4.2 Development
-
Total
143
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as
shown in the consolidated statement of cash flows) to
the related items in the accounts is as follows.
Current quarter
$A'000
Previous quarter
$A'000
5.1
Cash on hand and at bank
2,486
2,740
5.2
Deposits at call
40
40
5.3 Bank
overdraft
-
-
5.4
Other (provide details)
-
-
Total: cash at end of quarter (item 1.22)
2,526
2,780
Changes in interests in mining tenements
Tenement
reference
Nature of interest
(note (2))
Interest at
beginning
of quarter
Interest at
end of
quarter
6.1
Interests in mining
tenements relinquished,
reduced or lapsed
Refer covering quarterly
report attached hereto
6.2
Interests in mining
tenements acquired or
increased
Quarterly Report September 2009
Page 11 of 12
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number
Number quoted
Issue price per
security (see note 3)
(cents)
Amount paid up per
security (see note 3)
(cents)
7.1
+Preference securities
(description)
-
-
-
-
7.2 Changes
during
quarter
(a) Increases through
issues
(b) Decreases through
returns of capital, buy-
backs, redemptions
-
-
-
-
7.3
+Ordinary securities
65,016,771
65,016,771
7.4 Changes
during
quarter
(a) Increases through
issues
(b) Decreases through
returns of capital, buy-
backs
16,630
(options
exercised)
-
16,630
25 cents
25 cents
7.5
+Convertible debt
securities
-
-
7.6 Changes
during
quarter
(a) Increases through
issues
(b) Decreases through
securities matured,
converted
-
-
-
-
7.7
Options
800,000
800,000
800,000
350,000
350,000
250,000
200,000
3,550,000
-
-
-
-
-
-
-
-
-
Exercise price
25 cents
30 cents
40 cents
25 cents
30 cents
40 cents
25 cents
Expiry date
19 June 2012
19 June 2012
19 June 2012
19 June 2010
19 June 2010
19 June 2010
31 January 2010
7.8
Issued during quarter
-
-
-
-
-
-
-
-
-
-
-
-
7.9
Exercised during quarter
16,630 -
-
-
7.10
Cancelled during quarter
21,649,236
(expired)
- - -
7.11
Debentures
(totals only)
- -
7.12
Unsecured notes (totals
only)
- -
Quarterly Report September 2009
Page 12 of 12
Compliance statement
1
This statement has been prepared under accounting policies which comply with accounting
standards as defined in the Corporations Act
or other standards acceptable to ASX.
2
This statement does
give a true and fair view of the matters disclosed.
Sign
here:
(Company Secretary)
Print name:
K Manson
Date:
28
October
2009
Notes
1
The quarterly report provides a basis for informing the market how the entity's activities have
been financed for the past quarter and the effect on its cash position. An entity wanting to
disclose additional information is encouraged to do so, in a note or notes attached to this
report.
2
The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining
tenements acquired, exercised or lapsed during the reporting period. If the entity is involved
in a joint venture agreement and there are conditions precedent which will change its
percentage interest in a mining tenement, it should disclose the change of percentage interest
and conditions precedent in the list required for items 6.1 and 6.2.
3
Issued and quoted securities The issue price and amount paid up is not required in items 7.1
and 7.3 for fully paid securities.
4
The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and
AASB 1026: Statement of Cash Flows apply to this report.
5
Accounting Standards ASX will accept, for example, the use of International Accounting
Standards for foreign entities. If the standards used do not address a topic, the Australian
standard on that topic (if any) must be complied with.
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