Partial relinquishment report for EL 22924 'Delny', 23 December 2002 to 22 December 2004

Abstract

Tanami Exploration NL (TENL) identified the potential for Tanami-style gold, iron oxide copper-gold (IOCG) and Tennant Creek-style copper-gold mineralisation in the Alcoota district of the northern Arunta region in 1997 and acquired a significant tenement package to form the Alcoota Project. TENL is a wholly owned subsidiary of Tanami Gold NL (TGNL), a publicly listed company. The Alcoota Project lies approximately 150 kilometres northeast of Alice Springs in the Arunta region of the North Australian Craton. Access is provided via the Stuart, Plenty and Sandover Highways, all of which cross the Project area. EL 22924 'Delny' forms part of the Alcoota Project and was granted to TENL on 23 December 2002. At the end of the second year of term the western portion of EL 22924 was relinquished. This report describes exploration carried out on the surrendered portion of EL 22924. Exploration consisted of a regional assessment of the Alcoota project including field reconnaissance and rockchip sampling in November - December 2003. The assessment was carried out by Dr. Jim Anderson and included a regional review of the topography, geology, metallogeny, MODAT occurrences, previous exploration and aeromagnetics. A total of two rockchip samples were taken. No elevated gold values were returned. Based on the regional assessment more than half of the tenement area of EL 22924 was recommended for relinquishment. The relinquished ground is either obscured by younger cover of the Waite Formation, and Quaternary sediments or occupied by the Mount Swan granite.