Relinquishment report for EL 22590 'Stuart Highway', 25 September 2001 to 24 September 2005

Abstract

This Relinquishment Report records exploration work done on the relinquished portion of EL 22590 between 25 September 2001 and 24 September 2005. Exploration Licence 22590 Stuart Highway was acquired by Giants Reef Exploration Pty Ltd (Giants Reef) to search for Tennant Creek style ironstone-related gold-copper deposits. EL 22590 comprises units of the Ooradidgee Group and the retained portion of the Licence includes a number of mineral claims which host the Marathon and Helos targets. No Warramunga Formation units are interpreted within the EL. Discoveries by Giants Reef of high grade mineralisation associated with haematite dominant ironstone at Marathon and Billy Boy, although small, highlight the prospectivity of the area. The relinquished portion of EL 22590 comprises Ooradidge Group units and does not include the prospective Warramunga Formation, nor does it contain any recorded occurrences of Au-Cu mineralisation. 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 22590 is limited.