BROUGHTON CREEK (CLONCURRY, NTH QLD) – URANIUM & REE

(held by wholly owned subsidiary Broughton Orion Pty Ltd)

A joint venture agreement has been signed with a private prospecting company, Brisbane-based Broughton Minerals Pty Ltd on a project in the Cloncurry district. Broughton has discovered a new U/REE province at Broughton Creek, 30kms south of the historic Mary Kathleen uranium mine, and holds 278kms2 in 5 exploration permits.

Broughton has completed 1,700 line kms of high resolution airborne magnetics and radiometric geophysics which has defined radioactive occurrences and lithologies that are currently being defined on the ground.

The ground work has included the collection of 254 rock and mineral samples of which 149 returned an average grade of Total Rare Earth Elements (TREE) of 1%, with maximum values to 9% TREE. The area also has potential for gold-copper mineralisation.

It is Orion’s intention to begin follow up field activities that Broughton Minerals has initiated. Orion will continue the delineation of anomalous features in extensive areas recording highly anomalous REE values in float and outcrop rock samples associated with favourable host rocks and geological mapping and sampling of individual occurrences in preparation for preliminary RC drilling. Prospects so far discovered only represent a small portion of the tenement area that has been geologically prospected and the radiometric responses recorded in Broughton’s airborne geophysical survey. These occur in a region that is now proving to host previously unknown REE mineralisation outside the historic Mary Kathleen REE-U mine.

The Broughton Creek project provides the opportunity to conduct fieldwork for most of the year, whereas Killi Killi becomes inaccessible in the wet season for 4-5 months.