Relinquishment report for EL 10311 'Gibson Creek', 20 March 2001 to 19 March 2006

Abstract

This Relinquishment Report records exploration work done on the relinquished portion of EL 10311 between 20 March 2001 and 19 March 2006. EL 10311 Gibson Creek was acquired by Giants Reef Exploration Pty Ltd (Giants Reef) to search for Tennant Creek style iron oxide copper-gold deposits. Exploration on the relinquished portion of EL 10311 focused on the geophysical assessment of the main target area, the Alexander Gravity Anomaly, and did not identify any coincident gravity and magnetic features that could present drill targets. Five secondary targets were identified from literature search. These are all outside the central area of the Alexander Gravity Anomaly, and were therefore regarded as secondary targets. The discovery of the haematite-magnetite Chariot deposit in 1998 has shown the potential for variations on the classic magnetite ironstone hosted gold +/- copper deposits, where lower order magnetic anomalies, plus gravity methods can define new targets. Discoveries by Giants Reef of mineralisation such as at Malbec West, Marathon and Billy Boy further support this, however Giants Reef considers the potential for the discovery of mineralisation in hematite dominant ironstones in the relinquished portion of EL 10311 is limited.