Mary Kathleen JV- Jubilee, Blue Caesar, and Elaine

The Elaine prospect has already been the subject of over 13,000m of drilling by CYU since 2009. In September 2012, CYU announced a maiden inferred JORC resource at Elaine of 27.7Mt @ 0.53% Cu and 0.08 g/t Au. The Elaine prospect is part of a large alteration system that has been mapped over 10km on EPM 14467 and 14022. The current resource has only been tested over a 400m strike length and remains open at depth and may potentially join up with the Blue Caesar prospect, located 500m to the northwest of Elaine.


The Elaine-Blue Caesar-Jubilee area with historic prospects and workings, rock chip and soil geochemistry overlain on TMI magnetic image. The figure also depicts areas of mapped skarn alteration (associated with the Elaine-Blue Caesar mineralisation) as well as the Ballara Quartzite (Pkb)-Corella Formation (Pkc) contact that hosts the Jubilee mineralisation.

There also exists a 1.0km x 0.5km magnetic anomaly to the south of Elaine that remains virtually unexplored. Rock chip samples from earlier programs in this area include:
 
7.52% Cu & 6.40 g/t Au
5.34% Cu & 0.83 g/t Au
5.02% Cu & 1.85 g/t Au
4.88% Cu & 1.87 g/t Au
 
CYU’s exploration team proposes to carry out a range of activities designed to identify drill targets for later in the year – such activities to include mapping, drill hole re-logging, magnetic modelling, and 3D geological modelling.
 
During 2014 CYU directed considerable focus on the Jubilee prospect, which is only 900m west of Blue Caesar and 5.5km south of the historic Mary Kathleen uranium mine. As reported previously, the results of the Jubilee exploration programs to date have already defined a strong copper-gold mineralised zone over a 500m strike length. There still remains a 3.2km north-south zone of Ballara Quartzite/Corella Formation to the north of the current Jubilee prospect that requires further exploration and assessment. Reconnaissance mapping and geochemistry soil sampling activities are planned for this prospect during the course of 2015. Should the mineralisation be established to continue further to the north, there is potential for the Jubilee area to provide a complementary/satellite source of mineralised ore to a primary future mining operation at Elaine.