First, final and relinquishment report for EL 24377 'Flying Fox', for the period ending 01/06/2006

Abstract

Exploration Licence 24377 was granted to Mr. Geoffrey John Fanning on the 02nd June 2005. ERD Pty Ltd, a Darwin based resource sector company, is the designated Project Manager. The tenement covers approximately 100.8 sq km covering a portion of Roper Group stratigraphy in the Bauhinia Shelf tectonic element of the western McArthur Basin. The Project Area overlies Roper Group stratigraphy in the Bauhinia Shelf tectonic element of the western McArthur Basin and envelopes extensively mapped eroded ilmenite-bearing source rocks with considerable potential for large tonnage 'insitu', eluvial, colluvial and downstream detrital heavy mineral (HM) accumulations. Titaniferous dolerite sills intrude Adelaidean Roper Group sediments at a number of exposed stratigraphic horizons. The dolerites have been subject to prolonged weathering and erosion during the Tertiary and Recent epochs through to modern day wet season cycles. Interrogation of the DBIRD produced diamond and diamond indicator database reveals sparsely scattered positive results within the EL confines. The scattered indicators are considered to be secondary sourced and hard rock diamond potential is deemed low as follow-up sampling by previous explorers failed to repeat the positive results. Open file reviews suggest that sufficient work has been undertaken within the EL confines to downgrade the mineralisation potential. No further work is recommended and the EL was surrendered effective 15th May 2006. No field work was undertaken during the term of tenure.