Relinquishment report for EL 10077 'Whippet East', 25 September 2001 to 24 September 2005

Abstract

This Relinquishment Report records exploration work done on the relinquished portion of EL 10077 between 25 September 2001 and 24 September 2005. EL 10077 was acquired to search for IOCG deposits hosted in Warramunga Formation units within the Northern Star - Edna Beryl - Whippet trend and to evaluate a dipole magnetic feature identified in a 1993 Western Mining (WMC) aeromagnetic survey. The magnetic feature is located approximately 2 km east of the Whippet Hill mine and is referred to as the 'Whippet East' magnetic anomaly. The prospectivity of are relinquished was down-graded for the following reasons: 1. The proposed area for reduction comprises Ooradidge Group units and does not include the prospective Warramunga Formation. 2. The area proposed for reduction has no recorded occurrences of Au-Cu mineralisation. 3. The area has been partially tested geochemically and results from this work were generally disappointing. The discovery of the haematite-magnetite Chariot deposit in 1998 has shown the potential for variations on the classic magnetite ironstone hosted gold +/- copper deposits, where lower order magnetic anomalies, plus gravity methods can define new targets. Discoveries by Giants Reef of mineralisation such as at Malbec West, Marathon and Billy Boy further support this, however Giants Reef considers the potential for the discovery of mineralisation in hematite dominant ironstones in the relinquished portion of EL 10077 is limited.