EL 23071 Bynoe North Annual report for the period 21 July 2003 to 20 July 2004

Abstract

Exploration Licence 23071 (Bynoe North) is located on the south side of Bynoe Harbour, approximately 42 km southwest of Darwin in the Northern Territory. The licence is held by Anglo American Exploration (Australia) Pty Ltd and managed by Continental Nickel N.L., a fully owned subsidiary of Goldstream Mining N.L. This first annual report describes activities conducted between 21st July 2003 to 20th July 2004. Exploration, during the first year of tenure, was comprised of a review of previous exploration conducted including an inspection of the Australia Coal and Gold Holdings RAB and diamond drilling at the Northern Territory Geological Survey core yard in Darwin, a reconnaissance field trip, a ground magnetic survey over the main aeromagnetic anomalies, and a ground TEM survey. 28.1 line km of TEM and 30 km of ground magnetics were recorded. A number of significant geophysical TEM conductors and geochemical targets have been identified that require further investigation. An RC drilling program is recommended to test the targets for Nickel mineralisation in order to determine their true potential. It is estimated that a programme consisting of between 7 to 12 holes for approximately 2000 m will be required. A Mine Management Plan Authorisation has been granted and an Aboriginal Areas Protection Authority Certificate has been issued.