An area centred ~50 km south west of Cockburn is being explored for possible economic base and precious metal mineralisation that may have formed in buried Palaeoproterozoic basement rocks, as well as for any secondary uranium mineralisation that may exist within Tertiary palaeochannel sediments onlapping basement. The abandoned historic Radium Hill uranium mine, which operated during the 1950s to produce a large amount of uranium from primary lodes which had formed in metamorphic rocks of the Paleoproterozoic Willyama Complex, is located ~20 km away to the north-west of EL 3454. Anomalous concentrations of uranium (up to 0.1% U3O8) have recently been reported by Hindmarsh Resources to occur in carbonaceous sediments that had been drilled near the northern margin of the Murray Basin, to the south of EL 3454. During the first licence year, exploratory aircore drilling of 8 shallow vertical holes with a combined total penetration of 260 m was undertaken at roughly 200 m intervals along a station track to the south-west of Mutooroo Homestead, to investigate an inferred buried Eocene-Miocene palaeochannel that was thought to have a preserved geometry that might closely parallel the modern course of Olary Creek. However, this drilling failed to identify any porous, sandy palaeochannel sediment horizons, particularly coarse grained basal units. All of the holes were terminated after entering barren phyllitic/schistose metamorphic rock. During licence Year 2, in April-May 2007, the licensee acquired a detailed ground gravity survey of 484 stations read over a 200 m x 1 km grid covering the area immediately to the north-east of the known Cronje Dam paleochannel feature, to look for gravity low trends that could potentially be related to palaeodrainage sedimentation. The survey was successful in this regard, defining two linear gravity lows flanking the Mutooroo Ridge basement high to the south-east, which were interpreted as potential tributaries to the previously drilled Cronje Dam palaeochannel portion. These gravity anomalies were deemed by U3O8 to be worthy of testing by drilling on the basis that this buried portion of the system (which does not have any surface expression in the modern drainage network) might be draining the highly uranium anomalous Radium Hill region. During October-November 2007, a further 25 vertical aircore holes for 1712 m (including 2 re-drills) were completed 200 m intervals along traverses spaced 1 km apart over the gravity lows in the search for palaeochannel basal sands, but the target Eocene-Miocene porous palaeochannel sediments where present were poorly developed and oxidised, and later scintillometer scans run over the drill cuttings recovered from these holes showed little radioactivity response. There appeared to be a gradual thinning of the interpreted Tertiary sequence to the west and north and east of the southernmost traverse, with hole ACOCK013 roughly coinciding with the possible axis of the paleochannel. The underlying much older metasediments are strongly weathered and contain pallid zones as well as local diagenetic pyrite, reflecting effects of deep levels of oxidation. All of these factors suggested that there was not much chance of locating palaeochannel uranium mineralisation within the licence. 147 selected drill cuttings samples from this second set of aircore holes were submitted for laboratory multi-element analysis. A single sample from hole ACOCK015 reported elevated uranium (42.5 ppm U) with coincident low level sulphur (0.48% S), but no anomalism in selenium, vanadium or molybdenum. A single basement sample for that drillhole returned low level anomalism in nickel, sulphur and zinc (100 ppm Ni, 0.68% S and 220 ppm Zn respectively). A bottom-of-hole sample from ACOCK026 showed strong anomalism in both cobalt and silver (0.112% Co and 48.5 ppm Ag respectively, with a duplicate sample yielding values of 0.071% Co and 17.5 ppm Ag). This anomalism is thought to be associated with some quartz veining in a strong weathered ferruginous Adelaidean basement unit. Basement samples showed a general lack of copper enrichment. During licence Year 3, exploration activities comprised geological mapping and sampling plus the conduct of aircore and RC drilling. Geological mapping and surface grab rock chip sampling (13 samples) were done at the Mutooroo Ridge prospect, which work identified a zone of stratiform copper mineralisation extending for over 7 km along the exposed outcrop of early Adelaidean Boucaut Volcanics. Assaying of the grab samples returned anomalous copper with values ranging up to 1.24 % Cu. A sample taken from a quartz-magnetite rich horizon returned highly anomalous values of 29.5 % Mn, 0.26 % Cu and >0.3 % Ba. To investigate this occurrence, U3O8 undertook RC drilling of 21 inclined holes for 1664 m during September 2008. Sampling of the bedrock was done every 1-metre (1740 downhole samples) for pathfinder elements, and the drill cuttings were also scanned using an ASD (Analytical Spectral Device) spectroradiometer instrument for identifying the presence of solid mineral phases that can be characterised by short wave infrared reflectance (SWIR) remote sensing methods. Six of the holes encountered copper mineralisation within metamorphosed Boucault Volcanics, and two of these holes also had anomalous silver values. The best drilled intercepts included 5 m @ 0.61% Cu in hole MRRC001, and 7 m @ 0.36% Cu plus 23 m @ 0.62% Cu + 10.2 ppm Ag in hole MRRC020. The continuation of exploratory aircore drilling (17 vertical holes for 1330 m completed on three traverses during August 2008) was still directed at defining palaeochannel sands, but effort was now directed to an area of perceived higher uranium prospectivity lying closer to the southern boundary of the licence. This third campaign was successful in identifying buried Tertiary palaeochannel sands that in three holes showed slightly anomalous (to 200 counts per second) radioactivity readings on a handheld spectrometer; later assaying of drill cuttings from the anomalous depth interval 73-75 m in hole ACOCK043 yielded a maximum coincident assay of 139 ppm U3O8. The host lithologies to the mineralisation comprise yellow-grey unconsolidated medium to fine grained, sub to well rounded homogenous sands, lying above medium to very coarse, sub to well rounded basal channel sands, both subfacies being clayey in parts. They overlie strongly foliated metamorphic Proterozoic basement. Both cover and basement intervals in the above three holes were sampled for multi-element assaying to try to detect distal to proximal indications of primary hydrothermal sulphide mineralisation, and anomalous U, Se, Ni, Co, Sr, Zn and Y values were returned. Two strong aeromagnetic anomalies evident in open file data from the far west of EL 3454, which were thought to correspond to buried iron-rich magnetite units, were forward modelled by U3O8 to obtain estimates of each one's depth to source. Model depths of 150 m and 180 m were derived, dependent on the magnetic susceptibility assigned to the units. Ground checks of the anomalies were performed and 3 BIF ironstone rock samples were collected for laboratory XRF analysis. They have a high iron, high silica, and low phosphorus, sulphur and aluminium content (averages of 49% Fe, 22.1% SiO2, 1.66% Al2O3, 0.25% P and 0.04% S). It was decided that, given the modelled strike extent and modelled thickness of the magnetite/hematite-bearing horizons, and the grades obtained, scout RC drilling to ca. 100 m depth should be conducted to assess the presence of an economic body of hematite-goethite (potentially amenable to DSO) draped over the magnetite-rich horizons. During 2008, satellite image data was purchased by U3O8 to assist it with exploring for uranium and copper mineralisation over the tenement. Data purchased included day and night time ASTER scenes. It was hoped that the night time ASTER scenes might provide a means of mapping in greater detail, through thermal diffusion effects, the distribution of tributaries to known paleochannels, however, this aim was not achieved satisfactorily. A single day time scene was bought and processed through Geoimage Pty Ltd in Brisbane. The purpose of using this ASTER VNIR and SWIR reflectance data was to map rock alteration associated with mineralisation along the Mutooroo Ridge, where there is reasonable outcrop. A variety of processed colour composite and spectral ratio images were generated that highlighted epithermal minerals, silica and iron oxide, and propylitic alteration occurrences. During licence Year 4, U3O8 undertook reprocessing of aeromagnetic data to address three objectives: - models of strong magnetic anomalies located in the north-western part of the licence area (designated as the Ironstone Dam prospect) were used to optimise planning of a scout drilling rogramme; - modelling of likely magnetite destruction associated with hydrothermal alteration over the Mutooroo Ridge was compared with spectral signatures derived from an ASTER dataset processed previously; and - the re-processed data was also used to help define the magnetic signature of a NE-SW trending fluorite-rich shear zone, and to qualify the likely presence of an intrusive igneous body beneath the Boucaut Volcanics outcrop at the eastern end of EL 3454. Seven additional rock chip samples were collected for XRF assaying from strongly magnetic ironstone outcrops, the sampled lithologies including a metasediment, a strongly brecciated ironstone and a felsic intrusive rock in contact with the ironstone. Assay results of the order of 45% Fe were obtained. A piece of the felsic intrusive rock was sent off for mineragraphic and petrographic description, which classed the rock as a greisenised granite/adamellite. To follow up on an Adelaidean basement-hosted cobalt and silver anomaly identified in the 2007 aircore drilling programme, where the end-of-hole sample in hole ACOCK026, and its duplicate sample, had returned an average of 915 ppm Co and 33 ppm Ag, U3O8 conducted an ionic leach (MMI) soil geochemical sampling programme over the area. A total of 83 soil samples were collected at 50 m intervals along five 400 m east-west traverses in the vicinity of the drillhole, as well as at 100 m intervals along four longer traverses laid out to the north-east and south-west to cover a weak to moderate magnetic response seen on the first vertical derivative of aeromagnetic data. The resulting assay values for just three of the samples were of the order of 4 to 5 times background levels. During licence Year 5, U3O8 concentrated on doing scout RC drilling of the highly magnetic targets located west of Olary Creek which were thought most likely to represent shallowly buried magnetite-rich Adelaidean metasediments. This phase of iron ore exploration was set on establishing the starting depth of the mineralised rocks and their composition, rather than on drilling through the whole host sequence. 5 inclined holes for 632 m were put in at Ironstone Dam prospect, near the north-western corner of the tenement, and they revealed substantial thicknesses of iron enrichment within bedrock comprising siltstones of the Braemar Ironstone Facies. Composite 4-metre drillhole interval cuttings samples from the entire run of each hole returned average XRF head assay values of up to 49% Fe. The upper oxidised zone contains up to 45% Fe which seemed to be related to hematite, whereas at depth, the high iron content appeared to be mostly related to magnetite. The composite samples were also tested at the assay laboratory using a calibrated magnetic susceptibility meter to determine their approximate magnetite content. Samples having more than 10% magnetite were then prepared for Davis Tube Recovery (DTR) test work. A sixth, vertical RC hole was drilled to 57 m depth to test an area of interpreted weakly magnetic paleochannel fill that might reflect a possible detrital magnetite accumulation. This hole failed to encounter any significant iron-rich sediments or detrital magnetite, and no signs of a palaeochannel were seen. Assaying of cuttings returned <7% Fe. During licence Year 6, exploration on the subject renewed Mutooroo EL 4664 was managed by U3O8 Limited’s new joint venture iron ore project partner, private WA-based company HJH Nominees Pty Ltd (HJH), and it comprised detailed geological mapping of the Ironstone Dam prospect, the conduct of a ground magnetic survey there, and exploratory diamond drilling of ironstone targets. Selection of sites for the diamond drillholes was based on a detailed ground magnetic survey that was conducted by HJH in July-August 2011 across a 10.85 square km prospect area covering an interpreted west-southwest plunging synclinal structure, with magnetometer readings taken at 20 m intervals along lines spaced 100 m apart. The ground magnetic data were later merged with regional aeromagnetic data to generate an interpretive structural model which identified three separate folded magnetic layers having a variable distribution of magnetic intensity along strike. The regional D3 phase, principal F3 fold geometry of these layers appeared to have subsequently been structurally slightly modified by overprinting F3 fold phases. These observations implied that the iron ore grade could vary markedly in a lateral fashion within each layer. Cross-sections were constructed orthogonal to the major fold axes that illustrated the asymmetric nature of the F3 folds and the likely transpositional effects of smaller overprinting F5 folds. Diamond drilling of 24 inclined HQ/NQ cored holes for 7052.6 m was undertaken later in 2011, and the hole trajectories were gyroscopically surveyed every 5 m during drilling. At the completion of drilling of each hole, wireline petrophysical logging was performed to obtain continuous downhole bulk density and magnetic susceptibility data. Preliminary results from the geological and petrophysical logging done in the first four cored holes were reported as promising. During licence Year 7, the Ironstone Dam prospect drilling campaign was continued. 31 RC precollars were drilled, and diamond cored tails were completed in 22 of these holes, giving an overall total penetration of 9188.7 m, including 7734.7 m of coring. Metallurgical testwork was performed on a representative selection of magnetite-rich drill cuttings and drill core samples, by a contractor to the JV partners, to determine the optimal raw material grind size for separating the magnetite from gangue minerals. 38 microns was defined as the particle size which would yield the most magnetite when put through a DTR magnetic separation process. Geochemical and metallurgical analyses of the drill core samples show that magnetite mass recovery can be as high as 51.06% (achieved in a hole OL0031 core sample from the hole interval 140.12-154.0 m; where the DTR concentrate contains 68.51 % Fe), and drops to 25.80% closer to surface (in a hole ZK2204 core sample from the hole interval 44-71 m; where the DTR concentrate contains 69.06 % Fe). Because these results are clearly viable in terms of iron ore market product acceptance, Avocet’s joint venture partner advised that it intends to carry out a desktop economic assessment of the project, a resources evaluation, and a feasibility study as next steps. During licence Year 8, SRK Consulting were retained by Yukuang to estimate a JORC-compliant mineral resource for the Ironstone Dam deposit, using data derived from 55 drillholes completed in 2011-2012. The resource calculations were subject to the following base parameters: - a lower cut-off based on 20% Fe head grade and 10% DTR concentrate grade; - maximum drillhole spacing of 200 m x 100 m for inclusion in the Indicated resource category; - maximum drillhole spacing of 400 m x 200 m for inclusion in the Inferred resource category; - resource block modelling based on 11 ore domains identified around the limbs of the host syncline. An Indicated Resource of 214 Mt @ 26.3% Fe was estimated, capable of yielding 57 Mt of magnetite concentrate grading on average 69.6% Fe. An Inferred Resource of 296 Mt @ 26.4% Fe was estimated, capable of yielding 81 Mt of magnetite concentrate grading on average 69.8% Fe. In 2013, metallurgical testwork was carried out in Zhengzhou, China, by the Zhengzhou Institute of Multipurpose Utilization of Mineral Resources, Chinese Academy of Geological Sciences. Samples were selected from 7 drillholes: ZK1604, ZK2407, ZK2008, ZK2404, ZKE0800, ZK2006 and ZK1603. During licence Year 9, Yukuang undertook geological mapping of the oxidised ore blanket (haematite and maghemite) present at Ironstone Dam, to determine its thickness and depth of burial, and to ascertain what were the controlling factors in its development. A number of profiles were drawn through the deposit along drilled traverses, to enable the calculation of the proportion of oxidised ore to barren cover rocks and thereby derive an optimum stripping ratio of 5:1 which can be applied to future planning for open cut mining. Five additional holes were recommended for drilling on the southern limb of the deposit to increase the degree of control over geological uncertainties. During licence Year 10, no work was done, pending the organisation of a work area clearance survey to give access permission for the intended infill drilling traverse. During licence Year 11, negotiations were suspended with the Native Title holders as the tenement was pending. The new tenement, EL 5928, was granted 8/2/16. No exploration work was undertaken. During licence Year 12, no work was done. Yukuang's primary objective for the renewed term is the completion of a pre-feasibility to support the declaration of Ore Reserves. During licence Year 13 no on ground exploration work was undertaken. A review of previous rehabilitation was completed, while the storage and management of diamond drill core was undertaken.