EL 23942 'Glyde' First Annual report for the period 22/01/2004 to 21/01/2005

Abstract

Exploration Lease 23942 'Glyde' covers an area of 391 km2 and is located within the McArthur Basin near the Gulf of Carpentaria, Northern Territory, approximately 70 km south of Borroloola, on the Bauhinia Downs 1:250,000 map sheet. Anglo American Exploration (Australia) Pty Ltd was granted the lease on 22nd January 2004 for a period of six years. The lease now forms part of a regional exploration project that Anglo American Exploration (Australia) Pty Ltd is undertaking within the Batten Trough. The exploration target is sediment hosted massive sulphide Zn-Pb deposits. Results of previous exploration by Rio Tinto Exploration in the area have confirmed the favourable geological setting and Zn-Pb prospectivity of the sub-basin. The sub-basin remains a quality 'grassroots' exploration target that Anglo American Exploration (Australia) Pty Ltd intends to test as part of their larger Batten Trough Project. During the first year of the lease work conducted has comprised of a review of all previous exploration in the Batten Trough dating back over 40 years, reinterpretation of this data and selection of suitable target areas with the potential to host 'world-class' orebodies. This has involved data gathering and review, geoscientific desktop studies, study of drill core from previous exploration, organising ground access and logistical preparation for the next field season.