Annual Report EL 4246 Francis Creek year ending 3 December 1988.

Abstract

Exploration Licence No. 4246 was granted for a period of six years commencing 3rd. December, 1985. The title now comprises 10 blocks having been reduced from an initial area of 42 blocks The title was being actively explored under the terms of a joint-venture agreement between Casey Consolidated Holdings and CSR Ltd.,dated 18th. July, 1985. Exploration during 1985-86 sought to assess the potential for gold deposits within the Zamu Dolerite. Field traverses, regional mapping aided by airborne geophysical surveys, stream and soil geochemical surveys were undertaken . Follow up work on the ground identified a number of geochemically anomalous locations which were re-examined by further detailed work including limited costeaning. The Location 56 Prospect consequently became the focus of the 1987 programme which resolved to examine the anomalous zone by a comprehensive programme of costeaning CSR Ltd. announced late in 1987, its plan to withdraw from the mining industry . The proposed withdrawal cast doubt over the joint-venture . Under the terms of the joint-venture Casey Consolidated Holdings had a pre-emptive right in respect of CSR's holding in the joint-venture,however, Casey Consolidated Holdings was required to match the terms upon which that holding might have been offered to a third party. Finally, after considerable delay by CSR Ltd, documentation was signed between CSR Ltd. and Casey Consolidated Holdings and payment made.To date, transfers have not been lodged with the Department of Mines and Energy by CSR Ltd. Casey Consolidated Holdings elected to concentrate on the alluvial potential of Exploration Licence 4246 , in view of the uncertainties overhanging the project.