Annual technical report for EL 9443

Abstract

EL 9443 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 EL9443. 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 9443 from the joint venture. EL 9443 is located approximately 17 km south of Kaltukatjara and 195 km west-northwest of Yulara and immediately south of the Yulara / Kaltukatjara road. The lease covers a total area of 75 square kilometres. EL 9443 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 northeast of the tenement Late Proterozoic Amadeus sediments occur as an 8 to 12 kilometre wide zone known as the Piltardi 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. Sampling identified one area for follow-up based on elevated copper (77ppm), lead (83ppm) and nickel (117ppm). Follow-up sampling on infill lines confirmed the tenor of the anomaly but failed to extend the zone significantly to the east. The zone terminates in the west against the tenement boundary and an exploration exclusion zone. Goldsearch has reviewed the work completed by IGO and the regional geologic and geophysical setting and agrees that their first pass exploration program was an adequate test of the tenements potential.