Antrim Project Third Partial Relinquishment Report for EL 22643 and EL 22644 period ending 17 October 2005

Abstract

Tenements EL 22642, 22643 and 22644 were granted on October 18, 2001, as part of AusQuest Limited's Antrim Project in the Northern Territory. The broader Antrim Project Area was considered prospective for Noril'sk-style Ni-Cu-PGE sulphide deposits and for diamonds. This report describes all exploration within the third partially relinquished portions of EL 22643 and 22644. Work completed included: Review of historic Open File data Diamond drilling a geophysical target for magmatic sulphide under a joint venture with BHP Billiton; A gravity survey over the Neave Fault aimed at detection of buried mafic sills; and, The BHP Billiton JV base metal exploration programme drill tested three separate magnetic anomalies interpreted to be related to potential feeder structures and possible sulphide traps for the Ni-Cu-PGE depleted Antrim Basalt pile. Two diamond holes for 1100m and one RC hole for 141m were completed. Only one of these holes, diamond hole ANTD002, was drilled on the relinquished portion of EL 22643. The holes failed to intersect any sill-like bodies and no magmatic sulphide mineralisation was encountered. No buried sills are apparent in the gravity data. These results suggested that the ground was not a core component of AusQuest's Ni- Cu-PGE Project and this fact, coupled with the lack of positive diamond exploration results, resulted in the ground being recommended for relinquishment in September 2005.