Combined annual report for EL 23880, EL 23883, EL 23884, EL 23885, EL 23886, EL 8766 for the period 10 October 2008 to 09 October 2009 Lander River JV

Abstract

This report is the Combined Annual Report for the Lander River tenements (EL 23880, EL 23883, EL 23884, EL 23885, EL 23886 and EL 8766), and describes the exploration activity within the licences from the 10th October 2008 to the 9th October 2009. The tenements are part of an area covered by the Lander River Joint Venture (LRJV) between Newmont Tanami Pty Ltd (Newmont), who are managers of the Joint Venture and Yuendumu Mining Company NL (YMC). The tenements are located approximately 350km NNW of Alice Springs, and are being explored for gold mineralisation. The first two years of exploration comprised largely reconnaissance work such as wide spaced RAB holes along access tracks, regolith mapping, surface sampling, gravity and aerial magnetic surveys. The focus of this work has been the TAN16 Target in the northwest, identified during the Tanami Regional Framework study. More detailed exploration was conducted around Waldrons Hill following up on historical rock chip results and old diggings. The tenements were included in Newmont's Tanami Regional Framework study which highlighted the prospectivity of the area. A detailed helicopter borne gravity survey was conducted in late 2006 and a 100m line spacing aeromagnetic survey was completed over portions of the area in July 2007. Interpretation of the airmag survey data into the regional geology map was carried out during 2008, together with regolith mapping, selected petrology, reconnaissance lag sampling, regional BLEG and infill soil sampling. A regional RAB drilling program was conducted in 2007, then prospect scale RAB drilling in 2007 and 2008 at the Waldron's Hill and Harrison prospects. During 2009 reconnaissance BLEG sampling has been completed along with limited follow-up sampling of anomalous results at the Lennon prospect. Prospect scale RC drilling and some deeper holes of RC were completed at the Waldron's Hill and Harrison prospects.