Second annual report on EL 9431, Colt Prospect; 13/5/97 to 12/5/98

Abstract

The tenement was covered by detailed aerial magnetic and radiometric surveys as well as a detailed gravity survey, and a ground magnetic survey. The data obtained from the geophysical surveys was interpreted to define basement geological domains within the tenement area and the major fault zones which separate these domains. The basement geological domains (Warramunga Formation, Flynn Subgroup Hatches Creek group and granitoid intrusives) are bound by NE and NW trending major faults, intrusive contacts and unconformable stratigraphic contacts. Two prospects representing magnetic anomalies were tested by RC drilling. These anomalies are considered to potentially represent ironstone alteration systems, prospective for Au-cu deposits of the Tennant Creek style. The first drill hole reached its target depth of 138m, but the lithology intersected is not diagnostic of either Warramunga Formation or Flynn Subgroup. The second drill hole was abandoned at 220m due to drilling problems, however this depth is near the targeted depth of 240m. This drill hole intersected coherent porphyritic and volcaniclastic facies, which belong to the flynn subgroup. Lithological logs of the drill holes are provided, however assay results were not available at the time of reporting and hence they are included in the third annual report. Assay results did not exceed background values with Au peaking at 6ppb and Cu at 38ppm.