Second annual report on EL 10079 Settlement 1 May 2004 to 30 April 2005

Abstract

This report records exploration undertaken by Giants Reef Exploration (Giants Reef) on EL 10079 Settlement, for the period from the 1 May 2004 to 30 April 2005. Targets are ironstone-related gold-copper deposits. Field inspection of the geology within Licence Area agrees with GRM's initial desktop interpretation in that there is limited potential for ironstone bodies to exist within this geological environment. A reconnaissance field trip in July 2004 confirmed the absence of any substantial outcropping geology. A deep marine environment is suggested for this area based on the thin to medium bedded nature of sublithic and lithic arenite float rocks picked up during the field trip. Although the causative body(s) for the magnetic cluster identified during a geophysical appraisal for the area upon grant of EL 10079 could not be ground located therefore further evaluation of the Licence Area is still required. Detailed magnetic and gravity modelling of the magnetic cluster of anomalies as discussed in the Year 1 Annual Report is recommended however due to other priorities in the Tennant Creek Goldfield this process was not commenced. Giants Reef are actively seeking a partnership which will focus target generation and exploration over EL 10079, this will include geophysical and geochemical modelling and compilation during Year 3.