Annual technical report for EL 5702

Abstract

EL 5702 was applied for on August 24 1987 by Allender, Hosking & Le Brun [AHL] and granted on January 14th 2002. Goldsearch Limited has a Joint Venture agreement with AHL whereby it can earn up to 70% in EL5702. The tenement was also subject to a Joint Venture between Goldsearch and Independence Group NL [IGO] where IGO could earn 51% of Goldsearch's share in the tenement. In March 2004 IGO withdrew EL 5702 from the joint venture. EL 5702 covers an area in the central northern part of the Musgrave Block; a high grade metamorphic terrane of Mid to Late Proterozoic age. The licence is principally underlain by granitic rocks of the Mid Proterozoic Pottoyu Granite Suite (c1190-1140Ma). In the far southwest of the tenement Mesoproterozoic sediments of the Bloods Range beds crop out as a 1 to 5 kilometre wide zone along the Wankari Detachment; part of the Petermann Ranges Nappe structure. Upon tenement grant IGO completed a detailed work proposal and undertook sacred site clearance. Notification of exclusion zones and approval for exploration access was granted in October 2002. IGO then conducted a wide spaced regional geochemical sampling program utilizing both fine fraction and magnetic concentrate sampling methods over the areas that were considered prospective. No anomalous results were returned. Goldsearch has reviewed the work completed by IGO and believes there is little potential for a major discovery at this time.