Report on year 3 of exploration EL 4837 Ringwood area NT.

Abstract

Exploration during the first year of EL4837 returned free

gold in surficial material from an area on line with the

Ringwood - South Ringwood gold workings to the north of the

EL. Subsequent outcrop sampling, RAB drilling and soil sampling have failed to define a source for this gold. It is proposed that the gold is derived from dispersion of a now-eroded paleoplacer deposit and that the primar9 source is not from within EL4837.

Soil and outcrop sampling and mapping elsewhere in the licence area have not indicated any other signifibant minerali zation. Work carried out in EL4837 comprising outcrop sampling, RAB drilling and soil sampling has failed to indicate a probable source for free gold obtained by sampling of alluvium/colluvium in year 1. It is considered that the most probable source for this gold is dispersion from a now eroded paleochannel draining known gold occurrences further to the north. The general wide distribution of the free gold over areas with no supporting geochemical anomalies nor gold in outcrop supports this view. As such there is little likelihood of significant gold mineralization within EL4837.