Combined second annual report for EL 23496 Bauhinia Creek Pastoral NW and EL 23497 Bauhinia Creek Pastoral SE, for the period 4 July 2004 to 3 July 2005

Abstract

Exploration Leases 23496 'Bauhinia Creek Pastoral NW' and 23497 'Bauhinia Creek Pastoral SE' cover a combined area of 462.27km2 and are separated by the lease application for EL23290. The leases are located within the McArthur Basin near the Gulf of Carpentaria, Northern Territory, approximately 97 km northwest and 85km west of Borroloola respectively, on the Mount Young and Bauhinia Downs 1:250,000 map sheets. Anglo American Exploration (Australia) Pty Ltd was granted the leases on 4th July 2003 for a period of six years. The leases form part of a major exploration program that AAEA is undertaking in the Batten Trough of the Northern Territory. The exploration target is sediment hosted massive sulphide Pb - Zn deposits of the McArthur River style. The Batten Fault Zone remains a quality 'grassroots' exploration target that Anglo American Exploration (Australia) Pty Ltd intends to test as part of their larger Batten Fault Zone Project. No fieldwork was conducted on these leases during the year, as exploration efforts were concentrated on other leases within the Batten Trough Project. Future work will be contingent on results of exploration activities from other leases in the Project.