Annual report for EL 22824, EL 22878 and EL 23566, for period 19 December 2005 to 18 December 2006

Abstract

This is the first annual report on AusQuest's Plenty River tenements, EL's 22824, 22878 and 23566. Tenements EL 22824 and 22878 were acquired as part of a larger project, searching for Broken Hill Style lead-zinc-silver mineralisation within a major transcurrent fault corridor, extending WNW-ESE through the region. However, following the recent geochronological study by David Maidment encompassing the same general area, this target type is no longer considered viable, as no evidence was found for rocks in the target age range of 1.7 to 1.6 Ga. Tenement EL 23566 was pegged after the definition of a cluster of dipolar anomalies to the east (then within AusQuest ELA's 22872 and 23792) by the 2001 NTGS Eromanga aeromagnetic survey. These anomalies strongly resemble the dipolar anomalies commonly associated with potentially diamondiferous kimberlite or lamproite pipes. The Eromanga survey indicated several dipolar anomalies within the area now covered by EL 23566, as well as giving a new possible significance to similar anomalies on EL 22824 (above) in the older Huckitta aeromagnetic survey. Two dipolar anomalies from EL 22824 and fourteen dipolar anomalies from EL 23566 were geophysically modelled then loam sampled in a helicopter assisted field program in July 2006. Sixteen samples were processed and mineral observed by Global Diamond Exploration Services but no diamonds or diagnostic indicator minerals were found. The diamond and Fe-oxide - Cu - Au potential of these tenements is presently under review.