Combined final report for EL 22631 'Beaver Dam 1' and EL 22632 'Beaver Dam 2', for the period ended 16 December 2004

Abstract

This Combined Final Report describes all work carried out by BHP Billiton Minerals Pty Ltd (BHPB) on Exploration Licences 22631 and 22632, Beaver Dam Project, Northern Territory. Exploration work was aimed at discovering Ni-Cu magmatic sulphide mineralisation of Voiseys Bay, Norilsk affinities, associated with Proterozoic stratigraphy under thin Cainozoic cover. The following exploration work was completed by BHPB on the Beaver Dam Project during the annual period ended 16 December 2004: full assessment and re-processing of previous airborne geophysical data; identification of a magnetic/EM target - MH2; drill testing of target MH2 with one hole for a total 202 m; rehabilitation of drill site. Drilling of target did not intersect Ni-Cu magmatic sulphide mineralisation below the Cainozoic cover as interpreted. Instead, the magnetic high was explained by a coarse magnetic garnetiferous biotite granodiorite with some local intense magnetite and magnetite-silica alteration zones. The EM response was caused by conductive Tertiary clays. No further targets were identified upon review of the project and BHPB surrendered ELs 22631 and 22632, effective 16 December 2005.