Relinquishment report, Murchison Range project, reporting period 7 July 2005 to 7 July 2006

Abstract

The Murchison Range Project originally comprised of one exploration licence covering approximately 600 square kilometres. During the previous year Meteoric Resources reduced the tenement by 90% to five graticular blocks. The project area was interpreted to contain Waramanga Group sediments similar to those hosting the gold-copper deposits of Tennant Creek. The area contains little outcrop and the surficial rocks are thought to be predominately Cambrian sediments of the Georgina Basin. Although the area is still considered prospective for Tennant Creek style mineralisation which is typically high grade gold-copper mineralization, costs of establishing access, detailed ground geophysics and the cost of drilling blind targets most of which would exceed 70m in depth, the company decided to with draw and concentrate its activities on more attractive projects elsewhere in the region.