Relinquishment report for EL 23122 Krakatoa from 3 February 2003 to 30 December 2005 and final report for EL 10051 Iloquara from 6 February 2003 to 5 January 2006 Home of Bullion Project

Abstract

The Home of Bullion Project lies in Central Australia at the boundary of the Arunta Region and the Southern Georgina Basin, approximately 230 km north of Alice Springs. In 2000, Tanami Gold NL identified the potential for Palaeoproterozoic gold and Neoproterozoic base metal mineralisation at Home of Bullion. EL 23122 'Krakatoa' and EL 10051 'Illoquara' form part of the Home of Bullion Project. Both tenements were granted in February 2003 to Tanami Exploration NL (TENL), a wholly owned subsidiary of Tanami Gold NL (TGNL), a publicly listed company. This report describes exploration carried out on the surrendered portions of both tenements. A total of 15 rockchip samples were collected during the reconnaissance trip from outcropping sections of the Tops Member red beds and across the contact with the overlying reduced Adnera Member sandstones (HBK005-034). Sampling was carried out on sections in the vicinity of northwest-southeast trending faults, which are interpreted as syn-sedimentary normal listric faults associated with rift formation. Such faults are potential conduits for mineralising fluids. 79 fine lag samples were taken from near outcrops of Bullion Schist. Neither the fine lag over the limited exposure of Bullion Schist nor the rock chip sampling over the listric faults in the Georgina Basin sediments returned significant results.