3rd Annual report for EL 9250, 17th October 2003 to 16th October 2004

Abstract

Exploration licence EL 9250 was granted on the 17th October 2001 for a period of six years. EL 9250 is located some 50 km northeast of the Tanami Mine and more interestingly 10 km northeast of the Groundrush discovery. This is the third year of tenure. The prospectivity of EL 9250 is enhanced by the proximity of the Groundrush discovery (within 20 km) and similarities on the aeromagnetic data. During the third year of tenure significant work was completed. Newmont Exploration completed 812 RAB holes and 90 aircore holes identifying additional prospects 'Sunline', 'Yippiyio' and 'Juggler'. 27 RC holes and one diamond hole were drilled at the 'Hyperion' and 'Sunline' prospects. Expenditure exceeded $1M.