Second and final report for EL 23942 'Glyde', for the period 22/01/2004 to 21/11/2005

Abstract

Exploration Lease 23942 'Glyde' covers an area of 391km2 and is located within the McArthur Basin near the Gulf of Carpentaria, Northern Territory, approximately 70 km south of Borroloola, on the Bauhinia Downs 1:250,000 map sheet. Anglo American Exploration (Australia) Pty Ltd was granted the lease on 22nd January 2004 for a period of six years. The lease formed part of a regional exploration project that Anglo American Exploration (Australia) Pty Ltd was undertaking within the Batten Fault Zone. The exploration target was sediment hosted massive sulphide Zn-Pb deposits. Results of previous exploration by Rio Tinto Exploration in the area had confirmed the favourable geological setting and Zn-Pb prospectivity of the Batten Fault Zone. The sub-basin is a quality 'grassroots' exploration target that Anglo American Exploration (Australia) Pty Ltd was exploring as part of their larger Batten Trough Project. Work conducted has comprised of a review of all previous exploration in the Batten Fault Zone dating back over 40 years, reinterpretation of this data and selection of suitable target areas with the potential to host 'world-class' orebodies. This has involved data gathering and review, geoscientific desktop studies, organising ground access and logistical preparation for the following field season. No fieldwork has been conducted on this lease since granting, apart from three rock chip samples, which were collected during a brief reconnaissance trip, as exploration efforts were concentrated on other leases within the Batten Trough Project. It has now been decided to relinquish this lease due to changing company exploration priorities.