Annual report for EL 22812, for the year ending 17/10/2004

Abstract

Wave Hill tenement, EL 22812, forms part of AusQuest Limited's broader WA-NT Antrim Project Area which is considered to be prospective for Noril'sk-style Ni-Cu-PGE sulphide deposits. Exploration in 2004 focussed on detecting possible sulphide mineralisation associated with an interpreted sill-like feature (adjacent to the Neave Fault) which may have acted as a feeder conduit for Antrim magma. A total of 16 line km of in-loop transient electromagnetic (TEM) surveying over 4 traverses was completed over the interpreted sill. Operational problems meant that the survey didn't actually commence until after the annual statutory reporting date of October 16. However as the data was to hand at the time of compiling this report, it has been included in the interests of completeness. Preliminary scanning of the TEM data has failed to identify sub-surface conductors of potential interest. In 2005, a more thorough appraisal of the data in relation to ongoing work across the broader Antrim Project will be conducted before assessing the future of the tenement.