Annual report on EL 24326 Mountain Valley period ending 8 March 2006

Abstract

The Bekut, Miller & Versluis Partnership ( BMVP ) are exploring the EL for carbonate hosted Pb - Zn deposits. The target mineralisation style is seen to the north east at Bulman where discordant high grade mineralisation exists proximal to late dolerite dykes and sills and broadly stratabound mineralisation has been drilled to the east. The area is also considered prospective for uranium and diamond mineralisation. Exploration during the year comprised data compilation and ground checking of existing anomalies and anomalous drainages. The current mineral boom led to delays in engaging qualified personnel to conduct more rigorous ground based exploration which is planned for the 2006 field season. Exploration from the 1950's to 1970's has indicated zinc-lead mineralisation hosted in shelf carbonate and sandstone lithologies of the McArthur Basin with occurrences at The Swamp adjacent the Licence area.