First partial relinquishment report for EL 22642, EL 22643 and EL 22644, for period 17/10/2003

Abstract

Tenements E 22642, 22643 and 22644 were granted on October 18, 2001, as part of AusQuest Limited's Antrim Project in the Northern Territory. The broader Antrim Project Area is considered prospective for Noril'sk-style Ni-Cu-PGE sulphide deposits and for diamonds. Work completed includes a review of historic Open File data and exploration for diamonds. The latter programme comprised identification of 10 magnetic anomalies of interest within the Antrim Plateau Basalt. Composite heavy mineral samples were collected over 6 of these features and follow-up ground magnetic and gravity surveys were conducted over two anomalies. Only one spinel grain was recovered from the heavy minerals samples, probe results for which failed to indicate any kimberlitic affinities. In the absence of encouraging heavy mineral sampling indicators, the results from magnetic and gravity modeling were considered to be of insufficient interest to warrant drill testing in their own right. The ground was not considered a core component of the AusQuest's Ni-Cu-PGE Project and this fact, coupled with the lack of positive diamond exploration results, resulted in the ground being recommended for relinquishment on October 17, 2003. This report describes all exploration within the first partially relinquished portions of E22642, 22643 and 22644.