EL 23944 Barkly First Annual Report on Exploration Activities for the period 6 February 2004 to 5 February 2005

Abstract

EL 23944 (Barkly) was granted to Gunson Resources Ltd ('Gunson') on 6th February, 2004. Gunson is exploring EL 23944 for copper-gold mineralisation, but the work is based on a geological model where mineralisation is hosted by hematite, rather than by magnetite. This is a departure from the traditional style of exploration in the Tennant Creek area, which has focussed strongly on magnetic anomalies. A group of five of applications was submitted originally. Of these, EL 23944 has been granted, two applications are the subject of ongoing negotiation with the Central Land Council, and two applications (ELA 23946 and ELA 23949) were refused Consent to Grant by the CLC (the five year moratorium period for these ELA's commenced on 20 October, 2004). Work completed on EL 23944 in this first year of tenure has included: Geological assessment of potential for Cu-Au mineralisation, in conjunction with similar work completed on all tenements in the Tennant Creek Project area and reconnaissance gravity survey over area of interest.