Relinquishment report for EL 23073 'Pump Station', 17 August 2004 to 16 August 2005

Abstract

EL 23073 Pump Station was acquired by Giants Reef Exploration Pty Ltd (Giants Reef) to search for Tennant Creek style iron oxide copper-gold deposits. The only known target within the relinquished portion of EL 23073 includes Explorer 119. This Relinquishment Report records exploration work done on the relinquished portion of EL 23073 26 March between 2001 and 25 March 2005. 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 23073 is limited.