Antrim Project, Second partial relinquishment report for EL 22642, EL 22643 and EL 22644, period ending 17-10-2004

Abstract

Tenements EL 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. This report describes all exploration within the second partially relinquished portions of E22642, 22643 and 22644. Work completed included : Review of historic Open File data Exploration for diamonds under a joint venture with BHPBilliton Exploration for diamonds under a joint venture with RioTinto Exploration Exploration for base metals under a joint venture with BHPBilliton. The BHPBilliton JV diamond exploration programme identified 8 magnetic anomalies of interest within the Antrim Plateau Basalt. Composite heavy mineral loam samples were collected over 7 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, BHPB considered the results from magnetic and gravity modeling to be of insufficient interest to warrant drill testing in their own right. The RioTinto JV diamond exploration programme subsequently drill tested two of the anomalies formerly identified by BHPB. Two RC holes for 122 m were completed, however no evidence of kimberlitic rocks or indicator minerals was encountered in the programme and RioTinto elected to withdraw from the joint venture. The BHPBilliton JV base metal exploration programme drill tested three separate magnetic anomalies interpreted to be related to potential feeder structures and possible sulphide traps for the Ni-Cu-PGE depleted Antrim Basalt pile. Two diamond holes for 1100 m and one RC hole for 141 m were completed. The holes failed to intersect any sill-like bodies and no significant sulphide mineralisation was encountered. These results suggested that the ground was not a core component of 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 in September 2004.