Relinquishment report for EL 22224 'Monzonite', 20 March 2001 to 19 March 2006

Abstract

This Relinquishment Report records exploration work done on the relinquished portion of EL 22224 between 20 March 2001 and 19 March 2006. EL 22224 Monzonite was acquired by Giants Reef Exploration Pty Ltd (Giants Reef) to search for Tennant Creek style iron oxide copper-gold deposits. The tenement was acquired to search for large base metal deposits associated with a broad gravity feature called the Rosella Gravity Anomaly, centred in the western region of the tenement. EL 22224 was included within a package of tenements which were subject to a combined quantitative/qualitative ranking, based on geological, geophysical & geophysical characteristics and other parameters covering work status, target type, land status and economics. The tenements were down graded to 'Non-Core A' which includes areas comprising only limited Warramunga Formation, weak anomalies, no proven corridors of mineralisation, however are still largely unexplored. Exploration on EL 22224 will focus on areas comprising the Treasure Suite monzonites, which are host to mineralisation at the Last Hope and Bull Pub prospects.. Work will most likely include geochemical sampling. 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 22224 is limited.