Annual Report on EL 4742 Mount Wells for the period ending 21-08-1987.

Abstract

Freeport-McMoRan Australia, Limited, reached a heads of agreement with the owners of EL 4742, Kakadu Resources, Limited, near the end of the present reporting period. Freeport will gain equity in the tenement by conducting exploration over a specified period. The option also includes MCN's 1318 and 1319 which will be reported on separately. Work completed to the end of the report period included gridding, rock chip sampling and soil sampling. The results of this work indicate the presence of anomalous lead, silver and gold mineralisation with the size potential to be of interest to Freeport. The proposed program for the forthcoming year will consist of detailed geological mapping and sampling followed by drilling. A budget of $65 000 has been approved for this program.