First annual report EL 10404 Mordor for year ending 20 May 2003

Abstract

The first year of exploration has advanced the understanding of the geology and economic potential of the licence area. Reconnaissance rock chip sampling followed up by the infill soil sampling returned encouraging results, defining several zones of coherent +10ppb PGE anomalism in the northern half of the Ultramafic Sub-complex. Two additional north-southeast orientated soil-sampling traverses were completed and returned significant results. Follow up rock chip sampling returned significant results and confirmed identified area of coherent soil anomalism. This became the basis of the Mithril Prospect and was targeted by the later diamond drilling. Four diamond drill holes tested at the Mithril Prospect zones of disseminated sulphide mineralisation and returned strongly elevated PGE-Au-Cu-Ni values. This has confirmed the potential of the Ultramafic Sub-complex to host stratiform-orthomagmatic PGE mineralisation.