Relinquishment report for EL 10370, reporting period July 2005 to May 2006

Abstract

Previous exploration work has demonstrated the presence of gold associated with outcropping ironstones located along a generally east west trend and including the old Bluebird workings and an area which is excluded from exploration due to restrictions by the Central Land Council as the old prospect is considered to be a significant aboriginal site. Review of magnetic and gravity data around the prospects outlined six areas with surficial soil, colluvium and transported cover that contained geophysical targets worthy of follow up exploration. A programme of shallow RAB geochemical sampling was conducted over the six areas in addition to drill testing possible extensions to the ironstone at the Bluebird prospect. As required under the terms of the exploration licence for a statutory 50% reduction in area, the northern half of this very large tenement area of some 252 odd graticular blocks was considered to have a level of prospectivity which did not fit the Meteoric Resources exploration model and consequently was relinquished in favour of the southern area where a good deal of exploration has been undertaken and reported upon.