Partial relinquishment report for EL 23570, Plenty River

Abstract

This is a Partial Relinquishment report on the second partial relinquishment of AusQuest Plenty River tenement, EL 23570. Exploration Licence 23570 was acquired as part of a larger project, which was originally targeting Broken Hill Style lead-zinc-silver mineralisation within a major transcurrent fault corridor, extending WNW-ESE through the region. Recent NT Government aeromagnetic surveys, flown in 2001, 2002 and 2004, however, have highlighted the potential for kimberlite/lamproite pipes in the general region, to the north of EL 23570. Over the same period, work on isolated exposures to the east of the Harts Range by Maidment and the NTGS has indicated largely Neoproterozoic to Palaeozoic rocks, with some Palaeoproterozoic rocks. No evidence of rocks around Broken Hill age (~1690 Ma) has been found, giving little encouragement for this style of lead-zincsilver mineralisation. Whilst the prospectivity for Broken Hill Style lead-zinc-silver mineralisation in this area appears to be downgraded, the first field program exploring for diamonds on an adjoining AusQuest title to the north has just been completed. This program, conducted by joint venture partner Rio Tinto Exploration Limited (RTE), after the early lifting of a five year veto, found 4 microdiamonds at 3 dipolar anomaly sites in initial processing (AusQuest Report to the Australian Stock Exchange, 14.3.06). The relinquished portion of EL 23570 is considered unlikely to be prospective for Broken Hill Style lead-zinc-silver mineralisation, and has been screened for dipolar anomalies which might represent kimberlite/lamproite pipes.