'Finnis Springs' Finnis River - Bynoe Harbour Area, NT, Final Report

Abstract

EL 23413 'Finnis Springs' was granted to Sipa Exploration (a subsidiary of Sipa Resources International NL) on 28 July 2003. The tenement was abandoned on 5 July 2004 prior to its first anniversary so this report constitutes the first and final report. The tenement area is occupied by black soil plains with very poor exposure of bedrock. Extensive drilling by uranium explorers during the early 1980's shows that it is underlain by metamorphosed (amphibolite facies) siliclastic and calcareous sediments with intrusive granitoids and minor mafic-ultramafic intrusives. The exploration targets were major PGM (platinum group metals), gold or base metal deposits associated with known uranium-bearing haematite and prehnite-rich alteration in amphobilite facies gneisses and metasediments. No field work was carried out owing to ground access issues and a prolonged wet season. Alteration zones within diamond core held in the NTGS core library were inspected and sampled. Thirty three samples were analyzed for base and precious metals but no significant results were obtained. This was considered to have substantially downgraded the potential for significant mineralization in terms of the deposit model, and the tenement was consequently abandoned with no further work.