Annual exploration report for EL 23583, for period ending 15 July 2007

Abstract

EL 23583 is located within the Pine Creek Goldfield where a number of mining tenements are also held by GBS Gold Australia Pty Ltd. It is situated approximately 220km SE of Darwin NT, and around 2km south of the Pine Creek Township. EL 23583 was granted on 16 July 2003 to Buffalo Creek Mines Pty Ltd (50%) and Territory Goldfields NL (50%) which are the subsidiaries of GBS Gold. It comprises two blocks that cover approximately 6.67 km2. The tenement overlies the Burrell Creek Formation of the Finniss River Group. The Mount Bonnie Formation sediments crop out further north of the Licence, but are constrained within a fold ('Enterprise fold') that plunges south through EL 23583. Meta-sediments in the project area are intruded by the Table Top, Allamber Springs, and McCarthys Granites and are responsible for the development of contact aureole which contains most of the gold mineralisation. During the reporting period, an in-depth technical review of the tenement was undertaken, and a reconnaissance visit was made to assess the mineral potential of the area.