Relinquishment report for EL 8883 'Bluebush', 20 March 2001 to 19 March 2006

Abstract

This Relinquishment Report records exploration work done on the relinquished portion of EL 8883 between 20 March 2001 and 19 March 2006. EL 8883 Bluebush 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 8883 focused on the area of the major Bluebush Gravity Anomaly (Giants Reef's term). Most of Giants Reef's field work was undertaken over the Bluebush gravity anomaly. The work included assessment of geophysical interpretation, target and drill hole generation, ground water sampling and analysis, obtaining clearances from the local Native Title holders, analysis and modelling of aeromagnetic and detailed gravity data, committee liaison meetings with the CLC, BHP Billiton progress meeting, tenement review and area reduction were also conducted. 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 8883 is limited.