Partial relinquishment report for EL 22178 'Lake Sarah North 1', 8th June 2001 t 7th June 2004

Abstract

Exploration Licence (EL) 22178 (Lake Sarah North 1) was granted on the 8th of June 2001 for a period of six years. The exploration license was subject to a Deed (McFarlane 2) between the Otter Gold NL (now Otter Gold Pty Ltd) and the Traditional Owners. At the end of the third year of exploration it was decided to relinquish ground because of escalating tenement costs. The ground was reduced from 186 blocks (598 km2) to 115 blocks (370 km2). The relinquished ground included 299 regional surface samples completed by Otter Gold Pty Ltd where results were less than 1.2 ppb Au. The surface samples were taken in bulk on a 500m x 500m grid and sieved at a later date. One area to the north was infilled to 250m x 250m. The samples were taken using a Helicopter. Other activities during the tenure of the licence focussed on remote detection of targets using the multiscale edge analysis worm technique and aeromagnetics and rockchipping (three rockchips were taken in the relinquished regions). An assessment of the Exploration License was made and the decision was made to partially surrender EL 22178 on the 7th June 2004.