Relinquishment report, 29 August 2001 to 28 August 2005, EL 8882 Greenbush

Abstract

This Relinquishment Report records exploration work done on the relinquished portion of EL 23073 between 29 August 2001 and 28 August 2005. EL 8882 Greenbush was acquired by Giants Reef Exploration Pty Ltd (Giants Reef) to search for Tennant Creek style iron oxide copper-gold deposits. The EL was originally explored under the terms of Giant Reef's Alliance with Billiton Exploration Australia Pty Ltd. On the 25th July 2003 the Alliance between BHP Billiton and Giants Reef was terminated. The only known target within the relinquished portion of EL 8882 includes GW104. Drill testing of the Bluebush gravity anomalies in the first two tenure years of the Licence (BHP Billiton Alliance) downgraded the potential of the gravity anomaly. A review of the drilling and geophysical data suggests that the source to the gravity anomalies are either: a) Intrusive complexes, considerably higher in density than the surrounding host rocks. b) Deeper source that has not been intersected by drilling to date, however likely to be at depths between 1000 to > 2000m). 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 8882 is limited.