Relinquishment report for EL 23655 'Lander', Reynolds Range Project, from 12 June 2003 to 11 June 2007

Abstract

Tanami Gold NL identified the potential for quartz-vein-hosted gold mineralisation in the Proterozoic basement rocks of the Reynolds Range area. EL 23655 was granted to Select Resources Pty Ltd (Select) on 12 June 2003 and, subject to a Joint Venture Agreement, is being explored by Tanami Exploration NL (TENL), a wholly owned subsidiary of Tanami Gold NL (TGNL), a publicly listed company as part of their Reynolds Range Project. The tenements of the Reynolds Range Project lie in Central Australia centred approximately 225 kilometres north-northwest of Alice Springs. EL 23655 is situated in the central part of the Aileron Province of the Arunta Region and is covered by the Mount Peake, Napperby, and Mount Theo 1 : 250,000 Geological Sheets. After four years of tenure more than half of the tenement area was surrendered. As part of a regional study of the Reynolds Range area TENL completed an interpretation of the regional geology, reprocessed aeromagnetic data and carried out regolith mapping. Geochemical sampling in the area of the Red Hackle prospect returned a best rock chip result of 108 ppb Au, 1,625 ppm As, 259 ppm Bi and 1,234 ppm Cu from a known anomalous area at Red Hackle East. Lag sampling outlined the Red Hackle Dam anomaly with a best result of 194 ppb Au, which could not be improved with infill sampling. Results of vegetation sampling highlighted detectable concentrations of various metals, including Au. No significant results were received from RAB drilling testing Lander beds to the west of Red Hackle.