The Waterhouse West Project, defined by Exploration Licence EL24563 is located about 80 km south of Darwin in the Northern Territory of Western Australia. It covers 147 km2 and is currently owned 100% by Aldershot.

The Waterhouse project area overlies the Archaean Waterhouse Dome which is made up of poorly exposed schist, gneiss, and granitic units plus metasediments and banded iron formations (BIF). The Waterhouse Dome is overlain by fluvial and shallow water marine lithologies (Manton Group) overlain by carbonaceous units (Mount Partridge Groups), which in turn are overlain by deeper water sediments (South Alligator Group). The historic uranium mines in the Rum Jungle Uranium Field are predominantly within the Mount Partridge Group, particularly where contacts between carbonate and pyritic/carbonaceous units are associated with fault zones.

Aldershot’s Licence contains about 9 km of favorable contacts.

Past exploration in the project area, particularly during the 1970s and 1980s, delineated a 6 km long anomalous zone within EL24571, including the Riverside Prospect. The zone is defined by anomalous radon and scintillometer readings plus RAB drilling (up to 150 ppm U3O8) and roughly coincides with the carbonate units (Coomalie Dolostone). The southeastern extension of this zone contains the Kylie Prospect (5 km SE) where historical drilling intersected up to 5.7m @ 0.39% eU3O8.

Field inspection during 2007 located the Riverside Prospect associated with weak radioactivity (~100 counts per second). With very little outcrop and strong weathering along this zone future exploration will have a drilling and geophysical focus. Of the two gossanous samples collected, one had sulphide textures preserved and assays returned up to 200ppm U, 1.45% As, 340 ppm Zn and 140 ppm Cu. Data compilation is continuing.