Relinquishment report - 01 May 2003 to 30 April 2006

Abstract

This Relinquishment Report records exploration work done on the relinquished portion of EL 9958 between 01 May 2003 and 30 April 2006. Exploration work conducted has been completed, and has indicated good potential for the discovery of shallow concealed oxide (i.e. hematite) gold deposits. Further work is planned to refine the geochemical anomaly for reconnaissance drilling with the aim at testing the anomalies north west extension, as it is possibly an extension of the Piccaninny and Three Keys Prospects. Although past exploration results haven't been promising, the detailed magnetic data identifies prominent magnetic anomalous ridges trending east west, in the southern region of the licence, that warrant further exploration. Centralian Minerals drew the conclusion that the prospect of new substantial discoveries in the area relinquished was limited. 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 considered the potential for the discovery of mineralisation in hematite dominant ironstones in the relinquished portion of EL 9958 was limited.