Annual Report for EL 5316 Stapleton Creek year ending 12-08-1988

Abstract

Exploration Licence 5316 was granted to Robert Johnston on 13th August 1987 for a period of two years. The tenement is subject to an agreement between Robert Johnston and Oceania Exploration and Mining NL. Under the terms of a farm-in and joint venture agreement GPN Pty Ltd, a wholly owned subsidiary of Golden Plateau NL, has the right to earn a 51% interest in the tenement. Exploration activities were conducted by Golden Plateau NL as managers of the joint venture. EL 5316 comprises 3 square kilometres, a single one minute square block, located on freehold land some 56 kilometres northeast of Adelaide River. The area is located on Batchelor 1:100,000 topographic map. Access is gained via farm tracks which cross the tenement.

Exploration during the first year of title was directed at gold and included geological mapping and rock chip sampling. The tenement also falls within a regional aerial magnetic and radiometric survey completed for Golden Plateau NL. Significantly developed levels of gold in vein quartz and associated pyritic siltstone indicate the Burrell Creek Formation within EL 5310 is prospective for gold. It is recommended that exploration during the second year including drainage sampling, as a guide to gold distribution within the tenement, and further rock chip sampling in areas targeted by geological mapping and evaluation of aerial magnetic data.