Relinquishment report - 01 May 2003 to 30 April 2006

Abstract

This Relinquishment Report records exploration work done on the relinquished portion of EL 10313 between 01 May 2003 and 30 April 2006. A subtle magnetic anomalous ridge was identified from the regional magnetic data in the southern region of the licence, supported by more detailed Nobles Nob magnetics which reveals a series of magnetic anomalies forming a west north-west trending feature. Although not supported by gravity data, being limited in size and Greenfield in exploration status these targets represent an area for further exploration, with the view at generating shallow RAB drilling targets. Exploration work conducted over the relinquished area was limited to non-invasive assessment and revaluation of previous exploration work and geophysical surveys, data integration of all previous data into Emmerson Resources Database. 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 10313 was limited.